for those who follow me there is a gift!
it is a lesson
accept it or not it is the most important lesson i learned from R. N. Elliott:
* impulse waves consume's price rather than time
* correction waves consume's time rather than price
so look at this chart. it is so obvious that we are in a correction with 90% (let say!) probability.
but why people are calling for lower price? because they use a moving average of 200 and they put too much significance to it but it doesn't. i know that some time i shared some ideas using moving averages but you should have a deep understanding of markets to use proper strategies in proper time and on a proper chart.
REMEMBER:
EVERY QUANTITATIVE ANALYSIS BASED ON INDICATORS THAT HAS A ABSOLUTE VALUE (FOR EXAMPLE RSI 14) WILL FAIL DURING LONG PERIOD OF TIME.
but you can use them when they are showing significance. these word may confuse you but remember confusion is the first step to learn.
just play as i say and enjoy following me.
-open a long position at 8500$
-put a stop loss at 7791$ just below the 78.6% of fib
-put a take profit level to 11500$
-if bitcoin falls to 78.6% add to your position
-use 1x leverage and use half of your capital
these final steps are the most important part of trading. this is called RISK MANAGEMENT.
it is a lesson
accept it or not it is the most important lesson i learned from R. N. Elliott:
* impulse waves consume's price rather than time
* correction waves consume's time rather than price
so look at this chart. it is so obvious that we are in a correction with 90% (let say!) probability.
but why people are calling for lower price? because they use a moving average of 200 and they put too much significance to it but it doesn't. i know that some time i shared some ideas using moving averages but you should have a deep understanding of markets to use proper strategies in proper time and on a proper chart.
REMEMBER:
EVERY QUANTITATIVE ANALYSIS BASED ON INDICATORS THAT HAS A ABSOLUTE VALUE (FOR EXAMPLE RSI 14) WILL FAIL DURING LONG PERIOD OF TIME.
but you can use them when they are showing significance. these word may confuse you but remember confusion is the first step to learn.
just play as i say and enjoy following me.
-open a long position at 8500$
-put a stop loss at 7791$ just below the 78.6% of fib
-put a take profit level to 11500$
-if bitcoin falls to 78.6% add to your position
-use 1x leverage and use half of your capital
these final steps are the most important part of trading. this is called RISK MANAGEMENT.
Comment:
BTCUSD saw intial pump but volume is not convincing yet. i think putting a limit order at 8500 will be triggered. but for those who can not wait they can get in now.
Trade active:
We broke the horizontal line which is 61.8% but volume is not high, so trade is active, put stoploss as i said before.
Comment:
are you listening to me followers?