As a kid I had a dream of going to Wall Street. It really started with baseball cards and those becket books. Around the age of 11 the passion grew into tracking actual stocks. From 11-15 I had a paper route and each morning I would track the ticker symbol of interest while I folded the papers to go out to the neighborhood. I started reading any book I could get my hands on that would teach me more about trading. 21 years ago, one of the books that really peaked my interest was Jesse Livermore, Worlds Greatest Stock Trader. I must have read the book over 15 times. Though I have developed my own style of trading over the years, there is some influence from Jesse's thought processes perhaps from reading it so much early on in my life. One of his go to patterns was called an accumulation cylinder. Google jesse livermore accumulation cylinder and you can see some of his actual pics.
With respect to Jesse's Famous widening mouth accumulation cylinder, here is my update on ETH. If this is to play out we must stay above $2,000 period. IF a break of $2,000 presents itself I will be looking to add and buy more ETH between $1,600-$1,700 right near the 200 day moving average.
We are looking for validation that ETH wants to move up the cylinder by a critical break of $2500. If $2500 shows support this is also another great place to add to your positions. A successful break thru $3,000 is confirmation that we will be headed to touch the top of the cylinder. Be patient and let the indicators do the work for you. Remove the emotion and follow the chart. WIth this mindset you really are good with whatever direction it goes. If it goes up we keep making money if it breaks $2k we get excited about adding to our longterm positions.
Swim with the Shark . Have an awesome weekend.
BRONSON-TheSHARK
With respect to Jesse's Famous widening mouth accumulation cylinder, here is my update on ETH. If this is to play out we must stay above $2,000 period. IF a break of $2,000 presents itself I will be looking to add and buy more ETH between $1,600-$1,700 right near the 200 day moving average.
We are looking for validation that ETH wants to move up the cylinder by a critical break of $2500. If $2500 shows support this is also another great place to add to your positions. A successful break thru $3,000 is confirmation that we will be headed to touch the top of the cylinder. Be patient and let the indicators do the work for you. Remove the emotion and follow the chart. WIth this mindset you really are good with whatever direction it goes. If it goes up we keep making money if it breaks $2k we get excited about adding to our longterm positions.
Swim with the Shark . Have an awesome weekend.
BRONSON-TheSHARK