Trader’s diary: Organizing your trading week

Everyone has their own way of analyzing the market, but everyone also has their own way of organizing their trading week! Today in this special edition of Wall Street Cub Scouts, I’m going to show you how, on a personal level, I prepare for my week!

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Sunday evening (optional)

I use Sunday evening to gradually get out of the weekend and prepare for my week. I look at altcoins that have shown signs of strength (an outperformance on the Bitcoin ratio for example) or even entire sectors that look interesting.

For example, thanks to FTX, it is possible to analyze charts by sectors. To do this, go to Trading View.

Here we have some indices, which are composed of a multitude of cryptocurrencies. It can be interesting to spot the indices that react well.

  • DeFi: Cryptocurrencies of the decentralized finance sector
  • Shit: Cryptocurrencies such as Shiba or DOGE
  • Exch: Cryptocurrencies from exchanges (BNB, CRO, FTT for example)
  • Priv: Cryptocurrencies related to privacy (Monero, DASH for example)
  • ALT: Altcoins such as ETH, EOS, BCH…

We don’t necessarily need these indices to identify strong sectors. For example, it is possible to use CoinGecko and use “categories”.

CoinGecko cryptocurrency categories

There are a large amount of categories available, so here I give you the categories that I enjoy keeping an eye on the most:

  • Metaverse (I enjoy trading $SAND in particular, but if the whole sector is bullish I can also trade $MANA)
  • The different ecosystemsin particular AVAX and Solana which I particularly appreciate (for trading).
  • NFT

In addition to these two tools, I also use the excellent BuyTheDips.io tool, which allows me to identify the cryptocurrencies that react best to the volatility of Bitcoin by calculating the z-score.

The z-score is the number of standard deviations from the mean of a data point. We can thus identify at a glance, the alts which are very weak or on the contrary, very strong.

Buythedip z-score price

I use the ” historical to get a broader view. You can view the z-score by price or the z-score by volume, scrolling down a little bit in the tab.

Buythedip z-score volume

The tool is totally free so I invite you to discover it for yourself!

I also take advantage of Sunday evening to watch the economic news of the week. For this, I personally use this site, and I pay particular attention to Asian and American events. The cryptocurrency market reacts more to news from these two continents.

I can also expect some volatility depending on the news coming in.

For example, if I know that on Wednesday of the week, we have a speech from FOMC (Federal Open Market Committee), the market should be calm during the beginning of the week.

I can thus play on the low volatility at the beginning of the week by shorting a MOVE contract on FTX for example or, on the contrary, long the volatility at the end of the week!

I have indicated “optional” in the title of this chapter, because you normally do this work continuously, and you can also do it on Mondays.

Monday

I try to replicate my rhythm of life in traditional markets. So I start my day at 9 a.m. for the London session. The London session ends at 6 p.m., and overlaps with that of the American markets, which are open from 3:30 p.m. to 10 p.m.

If you want to keep an eye on these times, I recommend the Market24hClock site, which will give you the opening and closing times of the main world markets.

Monday is more of an observation day. I observe how stakeholders react to the latest news, how international markets open up…

I’m not saying that you have to trade the news, just take them into account, in order not to find yourself trapped.

Here is my watch list for the week:

  • NASDAQ
  • BTC
  • ETH
  • ETH/BTC
  • The alts I refer to as “trendy”: in a well-established trend, with “simple” movements to take.
NEAR in daily, well established trend
Example of a “trendy” alt, here NEAR.

Tuesday

At the start of the week, I annotate my chart with the following levels:

  • Monday High
  • Monday Low
  • Daily Open
  • Monthly Open
  • Weekly Open
Bitcoin Annotations Example

If you don’t have time to annotate these levels, I can recommend this TradingView script which will place all these levels for you.

I find it less clear so I prefer to annotate them myself, but it can be useful to some!

Annotating these levels is relevant if you are doing day tradingor scalping for example. For an oriented trader swingthere is little interest!

Friday

The course of the rest of the week is simply made up of your analyzes and your trading. So we come straight to Friday night.

Traditional markets close at 10 p.m., depending on your type of trading, you may not have any open positions. I personally prefer intraday and swing. My intraday positions are therefore closed.

The cryptocurrency market is open 24/7, of course, but I prefer to avoid the weekend, especially when positions are freshly opened.

If you hold your trading diary (which I recommend) it can be interesting to trace the history of your trades to see what succeeded and especially, what failed.

Conclusion

This is personally how I organize my week. Feel free to copy some of my habits, but as in technical analysis, everyone has their own methodology! You also have to adapt this to your type of trading. There is little interest for a swing trader to wake up at market times, where it will probably be essential for a scalper! It is therefore also necessary to know how to define your trading profile in order to create a relevant schedule. I invite you to discover other editions of wall street cubsto learn more about trading!

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