I Did Something New Today And Found Analysis Paral

Good day ladies and gentlemen, welcome to the Trader Cobb Crypto Podcast. In today's show, I'm going to talk to you a little bit about analysis paralysis and link you towards a video that is just published on YouTube or if you're in my discord group already, you can go to the little link there or the little channel, sorry, that says YouTube. And it's about analysis paralysis. And

look, I talk about it a lot in the course. I also have on YouTube a whole series on different things analysis paralysis is one of the topics that I cover. And for those of you that are not aware of what analysis paralysis is, it's where you start trading and you don't have a strategy that you can trust or you've learnt, you can rely on and you've

in a certain way, the way that you wish to trade, whether that be trading ranges, whether that be trading short, trading trends, trading trend lines like horizontal trend lines, sorry, any trend line really, yeah, to get all the right indicators, you know, I mean, I think you can go back to the topic. And the thing is that you need without giving yourself analysis paralysis and confusion

and to do that right from the get go, it's kind of like going into a professional kitchen, which might have, you know, 5000 ingredients in it. Now, you're not a chef, you have no recipe to work from. You, you've never worked in a professional kitchen and you don't know where all the ingredients are. Chef calls out, I need 10 soufflays, you've never tasted a souffle, you've

never seen a souffle. You don't even know what a souffle is. So your job now is to make 10 soufflays within the hour. Well, without a recipe, you know, the probability of you getting that right is pretty much nil. Even with a recipe, if you haven't got the practice and the know how that chefs have, you're probably going to struggle. And the reason I use soufflays

that I've watched enough cooking shows in my time to know that they're bloody hard to do. So analysis paralysis and how can we, you know, relate that back to the example that I just gave or in the markets, if you go in and you look at your trading view charts or any charts for that matter, you're going to have a plethora of different indicators for which

you can use. And of course, you can come up with as many ideas as you possibly can with with relation to how they work. So it's an infinite amount of options you have available to try and pinpoint something that's going to work is highly unlikely. And that's why there are companies like mine that help people to learn to trade from people that have been in the

game for a very, very long time, 18 years here for me. And that's why I have stuck to the three strategies that I teach. I do have more strategies, but these are the ones that set up most prolifically and that I'm most confident in in the crypto markets. Now, the thing is this, right. Analysis paralysis, you might be thinking that you're learning and you'll say to

yourself, hey, I'm happy to dust a bit of cash to learn. And I totally get that. We've all got to do that. But are you learning anything because you get caught up and you go from pillar to post and you try this and you try that. And how many sample size trades you taking? Like how many trades in a sample set? Sorry to come to a

conclusion that you are either within edge or without an edge. And you're tracking those. There are so many variables to it. And the reason I bring this up is because the video that I have posted today on my YouTube and you'll find it across my social media channel shortly is. And by the way, those social media channels at Trader Cobb, pretty straightforward. The reason I'm bringing

this up is because I did something that I haven't done for a very, very long time. I've been looking at the Bitcoin dominance chart now for a number of years to see if I can find anything of value, anything of use for Bitcoin's dominance chart. And I have, but it's the same stuff that I've already known. And that's trend related. Okay. So I overlaid something else

today after going to Twitter and asking for some information about, well, what have you guys found when it comes to US or Twitter? What are we looking at? And one lovely chap actually pointed me in the direction of the US dollar tether dominance chart. So of course, the dominance of US or tether rises and decreases depending on market moves. And what I found and I overlaid

the USDT dominance, the Bitcoin dominance and then the Bitcoin chart. And you'll get all the detail when you watch the video. The thing that I found is that Bitcoin itself is pretty much a mirror. The image of the US dollar tether chart. So when Bitcoin's price is going up, US dollar tether is going down. And that's a pretty easy one to get your head around. If

the market's moving up, people move from the US dollar tether, a stable coin into an asset that can hopefully for their point of view, make them more of the US dollar tether. And that's it. They want to trade the movement of Bitcoin for more tether when Bitcoin goes down. US dollar tether dominance goes up and around and around and around. We go. That doesn't seem all

that interesting. I know. But that's what I found. To think of using the US dollar tether dominance chart as an indicator for Bitcoin having a top or a bottom or points to which to buy or sell in my opinion is an absolute fast. And it's just because it's directly inversely correlated, 100%. I didn't see any evidence of what comes before the other. They happen at the

same time. So laying the Bitcoin dominance chart in there as well, I was trying to see if I could find another way that I could combine these three elements together to see if there was anything there that I could gather that has repeated itself on many occasions. My findings of that once again were very little. And you can see the visual representation of all of this

on YouTube as well. I do recommend that you do do this because it's just a little bit more. It's a really good understanding of what we can see when we know what we're looking for. And what I saw was that the way that I'm trading, the way that I read markers, which is based on price action, is the right way of doing it. I haven't changed

anything in my trading strategies for a very long time. As a matter of fact, the only changes that I've made is to take things away. I used to have the RSI and the stochastic. I've taken them away. I used to have the 50 period moving average and the 200 period moving average. I too. I've taken those away because when it comes to making decisions, and that's

what trading and investing is all about, it's making decisions, they can't be relied on. Not by themselves. I used my 10 and 20 and that is it and price action and my strategies. And I see this time and time again, I can recall when Bitcoin was falling. And you've got someone out there like, I won't use any names because I don't want to, I don't want

to seem like I'm having a go on anybody. But you see people with big followings that are saying things like, oh, Bitcoin's back at the time. 200 period moving average, you can't hold, bloody, dark, all of this. And it's like, well, it's absolutely not relevant. Because what's the decision making process off of this? This is what a commentator talks of the talking from a position of

commentating as opposed to a position of action. And the only reason that I'm in markets because I can take action based around a plan that I have perfected over a number of years. Well, I put all these things over the top of each other. I was hoping to find something. I was open to finding something. I shouldn't say hope. I was hoping I was open. And

of course, when you're open to something, you are able to take the information in front of you and make a decision based on that. My decision at the end of it was, it's a lot of rubbish. It's not going to help me in any way shape or form. So I've ditched it. But the findings are trend is your friend and momentum is absolutely key. Whether it

goes up or down, we can trade that. We know that. But it's about understanding that we have an edge and not trying to outsmart that edge. Just stick with it. And the reason I bring this up to you now is that we'll look at the markets are a little bit unstable. Well, they're very stable. I've said the Bitcoin is pretty much just going sideways. But there's

no real certainty in its direction. When I look at the daily chart on Bitcoin, what I see is a market that is consolidated. It's as simple as that. The positives that I do see, however, and there are, you know, there's a case to be built for the daily chart that we've got higher lows that are building into a resistance region. That resistance region is roughly around

about, let's call it 700,000, sorry, 17,355. It's a rough region. We've got higher lows coming up into that level. We haven't broken that level yet. But if we are to break that level, I wouldn't be surprised to see a continuation of that trend because we've got high lows that are building it up. And we've got resistance, which is holding it back. But as we build into

that resistance, the high lows are kind of like a pressure cooker building up to blow up. Now, we don't have that breakout just yet. In fact, today we've pulled back a little bit. We're down point four of a percent at 17,140. But it's the understanding of the price that is giving me my decision. To sort of wait until something goes on. I'm currently long-minero. It's about

two to one profit. I've taken my first target. I am now a break even. I am lining up a short to go with that long. And that short is to make sure I've got downside exposure as well, because while the market is sideways, and yes, there is the probability that it might move higher. I'm not willing to bank on that probability until it has played out.

So for me, I'm happy to have a short on as well. The short is on a lower time frame than the long. Therefore, hopefully I can get my first target and get a break even. On the short and I'll have a long and a short running once the market worked itself out potentially. I'll get a good run around at that. But for me at the moment,

there's not a great deal happening. So I did spend some time looking to see if I could find something. And I found confusion. Don't do that too often and do it from a place knowing what you know, knowing that you have the power and knowing you know how to trade. One of Ethereum next. So Ethereum, sorry, and let me just add on Bitcoin as well. Yesterday

we did sell off for the first part of the day. We were down roughly about 1.2%. We ended up closing the day up 0.75% with a rejection candle. Today so far we are down, but not by a great deal. The four hour charts and absolute mess there on Bitcoin. And the weekly trend is still down with solid divergence. I will add, but it is down on

a Ethereum, which is trading down 0.4% today. $1269 yesterday as well. It did close up 1%. Ethereum looking very similar to Bitcoin. But without such a problem, I'm not sure if I can get a good deal. Not such a prominent level of resistance. It is there though. It's around $1300-ish. Give or take 20 bucks. We'll have to wait and see what goes on there at $12.16

or $12.270. We are down 0.4%. By now it's yesterday. Some solid selling coming in. Down 2.9% today, down 2.6% at $268.78. Now this is a trend that is starting to get a bit of momentum with it. As far as its tradeability, this is the end of the day. I'm not convinced. However, if I look at the one hour time frame, if we can get some convergence

coming in perhaps tomorrow morning or later tonight, that might be workable. Down 2.7% currently on finance. It was down 10.7% at one stage on Doge. On the four hour time frame right now, I do have a bearish candle in the cradle zone. It could be a trade except for the candle is too large. There are no more than 9.6% at $9.6% On to the next, which

was up 2% yesterday, down 0.7% today, sitting at 90% it's a very ugly chart in the four. We go down a bit. We pop back up undecided direction wise. On the dot next, which closed up 0.2% after setting itself, I'm not quite. I was going to say I thought it might have set new 2022 lows. It did not. It wasn't far off. It's down 0.9% at

$5.12 right now. So, I'm going to close down 0.9% yesterday. It's down 1.5% today again. A bit of selling started to come in in the last few hours. It's not the greatest four hour downtrend. In fact, there is no four hour downtrend. But where we've pulled back into is the cradle zone. We could see a decline from here, but it's got to wait and see at

$13.11. And she, but in a yesterday, it closed down 1.64%. It was, however, down what is the 7. or nearly 8% at one stage, it's down 1.34% today. So, the moral of the story here is stick to your trend trading. If there's not many trends and you're not trading much, keep it nice and simple. We're going to be talking to you soon about in exchange that

we've been working very closely with. The covers a number of the boxes we need ticked. That's liquidity. That's trading orders and how we are to raise orders and work on the platform with margin as well and spot trading. We were looking very hard for a very long time as well for something that we had a little bit of trust that we could work with. They've shown

us enough that we believe that this particular platform is about as good as we can possibly find. Now, the reason I say it's as good as we can possibly find, because until we see actual traditional market style balance sheets, i.e. profit and loss, debt ratios, all those sorts of things, until we can see that across the market or any of these exchanges, we really are just

going off what we can see that don't show us everything. And by, we will let you know as soon as we have that up and running. It's been a lot of work going into this guy. So hopefully, it will make you feel good about it. We're going to provide plenty of information so that you can make the decision if you would like to trade with them

or not. We will let you know as soon as we are able to. Yavis, self a fantastic day. I hope you're well and I'll speak to you again very, very soon. Cheers, ladies and gentlemen. Bye for now.