meszaros

BTCUSD the correction continues.

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD the correction continues. Maintaining my previous analysis  I look forward to further corrective movement. Based on the current analysis, the correction started 1300 points higher, therefore, according to the rules of the wave sequence, the correction level also shifts 1300 points higher. End of correction to 15541usd level. For traders who are thinking in the longer term, I would point out that the rising section of the current wave sequence could last up to 32404 usd. This may be explained by the weakening dollar.

Comments

I was short (or rather...I still am short!)...but the price has been pumped a couple of times in recent hours. In the past I have burnt myself by sticking to my guns instead of buying back in and sticking to my plan. Do you feel your targets are still correct (21 hours later) based on the movements over the past few hours?
+1 Reply
octoberbabe GeekMama
@GeekMama, ouch! it's gone even higher now, why are you shorting a bull market? Counter trend trades are never a good idea, have a look at the weekly candle ending in 12 hours UK time. It's a bullish weekly Doji that coincides with a bull trend. I would take everyone's idea on tradingview with a pinch of salt regardless of how many followers they have. I always trade with the trend so regardless of whether it goes down or up, I just trade accordingly and make money. Good luck! I'm long for the moment and have been since it was 8K usd.
+2 Reply
GeekMama octoberbabe
@octoberbabe, Thanks, I hadn't noticed the Doji - I'll go review the weekly charts again. I am bullish mid and long term but I do like to Short if I think there is a good chance of a pullback. It's how I grow my BTC holding. It often works out...but not this time! I'm fairly prudish so I don't tend to enter unless several elements of my TA indicate a drop that makes it worthwhile in terms of risk/reward...but looks like I got it wrong this time. Overall it's not so bad as I bought most of my BTC at around the same price as yourself... a snip under 5k GBP...but it does still sting when I lose some of my holding buying my position back in!
+1 Reply
octoberbabe GeekMama
@GeekMama, No problem, sounds like you're all good and have done pretty well! Yeah, it can be really tempting to increase one's holdings,I guess my strategy/system is probably more prudish and risk averse as I've always regretted counter trend trades unless I'm absolutely certain about my entry, exit and the timing which normally tends to be intra day. Let's see what the future holds!
+1 Reply
GeekMama octoberbabe
@octoberbabe, Slightly envious...I thought I would turn out to be more of an intra day trader like yourself than a swing trader...but I wasn't disciplined enough...over traded way too often. Yes, let's see what the future holds. Thanks for your thoughts/feedback!
Reply
I've pointed out exactly the same thing with OP - I reiterated that one of the basic tenets to a successful trader is not going against the obvious trend. (anyone who tells you otherwise is a charlatan). Trends can last a long time so in the future treat pullbacks as opportunities to go with the trend.
On the other hand I'm interested to see how OP responds to your ... query (personally I think you'll be ignored)
Reply
GeekMama innocentAccoun35113
@innocentAccoun35113, Oh no...not you again. Troll off somewhere else.
Reply
chaosbegone GeekMama
@GeekMama, Odd! this one here is begging for help. Someone pointed out the error he made and what he should do moving forwards. All legitimate points made by the way. Yet you then turn around and start mud slinging. It kinda looks like you the troll.
Reply
GeekMama chaosbegone
@chaosbegone, I wasn't begging for help at all. I asked the trader whether he had adjusted his view given the change in market as I was interested in whether he still felt the analysis still stood.

As for the troll, you can go check this link here where someone else has taken the time to list every troll comment Not-so-Innocent has ever made. https://uk.tradingview.com/chart/BTCUSD/ygg8HTcF-What-has-happened-previously-with-this-set-up-let-s-see/#tc4525458
Reply
chaosbegone GeekMama
@GeekMama, @innocentAccoun35113, Wow a lot to read thru. Although there was no context, innocent seems to knows his ...(pardon my french) shit :). I also read thru the tiff you lot had with him/her and one thing was painfully clear: trolls post off topic messages/inflammatory messages and you lot did not do yourselves any favours by devolution to cursing. On the other hand innocent seemed to stick mainly to the subject matter. So if i was a judge here, I'd have to say sorry but you get the electric chair - pun intended :)
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out