When a buy opportunity like this presents itself I love to share it with you all. The more of us that understand technical analysis, the more likely charts will follow TA patterns. Buy signals for technical analysts become self fulfilling prophecies, and it's no surprise that a coin that is as heavily traded as $TRX would follow the rules almost perfect.
What you see on this chart is $TRX correcting after a big old 3rd Elliott impulse wave up. As you can see $TRX is currently consolidating in a bear pennant. This pennant is distinguished as a bear pennant because the consolidation is following a down trend. We reached a high of about 1080 sats and the apex (the top or highest part of something, especially one forming a point.) of our pennant formed at 890 sats.
The downtrend that will follow the previous downtrend after the consolidation of a bear pennant will typically be the same length as the previous down trend. Sorry if that's confusing, I scored a 560 on the english section of my SAT, and the chart shows you the simple math that should clear up any confusion. Isn't it interesting that our target lines up perfectly with the 0.5 fib level!? Beautiful!!
Here is a prime of example of how you can use multiple indicators (Elliot, Fib, patterns) to...make money! Oftentimes new traders ask how much do you place on a trade and why? I like to buy when I'm nearly certain the money will be there. On a trade like this, I will bet a lot of marbles.
If you found this helpful, please like, follow and share with your friends.
Cheers,
J
What you see on this chart is $TRX correcting after a big old 3rd Elliott impulse wave up. As you can see $TRX is currently consolidating in a bear pennant. This pennant is distinguished as a bear pennant because the consolidation is following a down trend. We reached a high of about 1080 sats and the apex (the top or highest part of something, especially one forming a point.) of our pennant formed at 890 sats.
The downtrend that will follow the previous downtrend after the consolidation of a bear pennant will typically be the same length as the previous down trend. Sorry if that's confusing, I scored a 560 on the english section of my SAT, and the chart shows you the simple math that should clear up any confusion. Isn't it interesting that our target lines up perfectly with the 0.5 fib level!? Beautiful!!
Here is a prime of example of how you can use multiple indicators (Elliot, Fib, patterns) to...make money! Oftentimes new traders ask how much do you place on a trade and why? I like to buy when I'm nearly certain the money will be there. On a trade like this, I will bet a lot of marbles.
If you found this helpful, please like, follow and share with your friends.
Cheers,
J
Comment:
Quick edit, my entry will be between 700-750 satoshis. Only the wicks on this chart hit the 1080 high which means we may not make it all the way down to 700!