$ICX / $USDT Looking to Complete 5th Wave?
I will not predict price points as too many aspects can play within a market; but I will use Fib Retracement & Extension levels for targeting potential ranges. Consequently, I am more of an "in the moment" type of trader that focuses upon trend direction via Elliot Wave, while using other aspects to help identify and react to trade decisions. I tend to focus on shorter term alt coin positions, to focus on my end goal of earning as much Bitcoin as possible.
BTC STATUS --> looks to have a bit of room up still. Today with CBE and exchange issues could raise issues. Keeping a close eye as this is my only position at this time.
- Looks like .7800s could be bottom of Wave 4
- Reaching Fib 1 Extension would be a 49% Profit
- Wave 1 Length for Wave 5 would put us around .786 area at $1.13
- Stop Loss currently set at .78 with a few alerts set in-between my long position at .82s
- I'm trading in $USDT as I am not convinced that $BTC will maintain a longer-term upwards trend YET.
- Wave 5 price point is not a prediction... just outside focal point of chart and will adjust as things play out.
BTC STATUS --> looks to have a bit of room up still. Today with CBE and exchange issues could raise issues. Keeping a close eye as this is my only position at this time.
- Looks like .7800s could be bottom of Wave 4
- Reaching Fib 1 Extension would be a 49% Profit
- Wave 1 Length for Wave 5 would put us around .786 area at $1.13
- Stop Loss currently set at .78 with a few alerts set in-between my long position at .82s
- I'm trading in $USDT as I am not convinced that $BTC will maintain a longer-term upwards trend YET.
- Wave 5 price point is not a prediction... just outside focal point of chart and will adjust as things play out.
Trade closed manually:
Closed my position at .92s -- Close to 12% Profit. Will await completion of 5th wave and retracement for potential re-entry.
Comment:
Further note -- closed because I am playing in $USDT and I am not confident in $BTC momentum ATM.
Trade active:
Trying to multi-task and realized I was looking at a 15 min chart for $ICX and not 1 hour. UGH. RSI was worrying me when considering $BTC. Switched back to 1hr and realized we have plenty of room. Re-entered at .95. Oooops.
Order cancelled:
S/L at .92 was hit. Perfectly ok as plenty of profit took care of that. Took a risk didn't pay off as I tried to "chase/redeem" and normally that doesn't pay off.
Uncertainty of CBOE Futures expiration led to the indecisiveness. Oh well, on to the next one. Just need to stick to my solid approach to chart retracements and enter on bounces, this way, I reduce S/L differential and keep low risk positions.
Uncertainty of CBOE Futures expiration led to the indecisiveness. Oh well, on to the next one. Just need to stick to my solid approach to chart retracements and enter on bounces, this way, I reduce S/L differential and keep low risk positions.