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How to Read Our Cheat Sheet
Cheat Sheet How To
The Cheat Sheet Explained
One of the essential tools we provide you at Foot Guns is our cheat sheet. This cheat sheet does not consider any fundamentals it is based purely on technicals and uses Bollinger Bands, Fibonacci numbers and Momentum Indicators to provide you with support and resistance levels on a Daily, Weekly and Monthly time frame for Bitcoin (BTC), Ethereum (ETH), Light Sweet Crude Oil Front Month Futures Contract (CL), S&P500 e-mini Futures Contract (ES), and NASDAQ100 e-mini Futures Contracts (NQ).
We’ve chosen to display oil and the stock market futures alongside Bitcoin and Ethereum so that you can understand the macro framework you are trading Crypto within.
Each row represents the bias for a specified time frame for each token : Daily, Weekly and Monthly for each. Within each row (timeframe) we show you 3 columns that represent our bias for today and the previous two days, this week and the previous 2 weeks, and this month and the previous two months. A pink box indicates we are bearish, orange meaning we are neutral, or blue indicating we are bullish. The support and resistance are the price levels given by Fibonacci adjusted Bollinger bands in each time frame.
For example, in the above cheat sheet you can see that BTC, CL, and ES are all bearish on the daily timeframe.
How to read this chart
Example 1 - Trading Bias and Dates
BTC has the following bias (Daily, Weekly, Monthly) : Bearish, Bullish, Neutral. This means the technical indicators Foot Guns uses points to BTC price falling in the immediate-term (today or tomorrow), rising in the short-term (this week or next) and trading sidewise in the mid-term (current month or next). The previous bias are also given. For example, today BTC is bearish and the previous 2 days it was also bearish.
Example 2 - Support
The Support column represents the current support levels for each crypto (denominated in USD) given by the daily, weekly and monthly bias. These supports are given by Bollinger Bands. From the cheat sheet above ETH has the current support levels : $3370 for the Daily, $3313 For the Weekly and $2424 for the Monthly. You can interpret this to mean the price of ETH may hold steady at or resist falling below $3370 in the next day or two. You would expect the next major points of support to be given by the weekly and monthly support levels.
Possible Course of Action
Buy long term HODL positions near monthly support lines. Sell long term HODL positions if daily and/or weekly support lines are broken.
Example 3 - Resistance
The Resistance column represents the current resistance levels for each crypto (denominated in USD) given by the daily, weekly and monthly bias. These resistances are given by Bollinger Bands. From the cheat sheet above ETH has the current resistance levels : $3526 for the Daily, $3960 For the Weekly and $3664 for the Monthly. You can interpret this to mean the price of ETH may hold steady at or resist going above $3526 in the next day or two. You would expect the next points of resistance to be given by the weekly and monthly resistance levels.
Possible Course of Action
Once you’ve entered a trade using our support levels the resistance levels give you an idea for targets for selling at.