sumingu79

sumingu79

It's a make it or break it time for Bitcoin. After 3 major rejects just below $25k, Bear look to control the area. Nevertheless, as a trader, I have to recognize there are possibilities of scenario where Bitcoin can react different from what I am thinking. So only way to not surprise myself is to plan out counter idea to my original (ending diagnoal). As you can...

sumingu79

I use the trend time to estimate a trend pivot. Its not pin point accurate but most of the time its pretty close. I use 1 to 1 and 1.618. From the data I gathered, most of the time; primary wave will be 1 to 1 ratio to the first wave length and retrace pivot to the end goes typically 1.618. I color coded an example on the charts and you can test and test it out...

sumingu79

If all other indicators are confusing to read, sometimes going back to basic is the answer. Figuring out a horizontal level can help where the price can go or stay. trading level to can make thing easy. Top a level; look to short and bottom of the level look to long (use indicators like RSI to make sure when on the top of a level, it's also confluent with over...

sumingu79

The Bullish trend has one last line of defense. Whether ending diag or 1-2, 1-2, the pitchfork bottom line is bulls last hope. The median pitchfork has been respected, can the bottom line be respected?

sumingu79 Updated 

How to count an ending diag. It could be tricky sometimes, but if you're patient let the wave playout, it becomes clearer. Nothing is 100% but you always want to play the most probable. You never want to trade when you don't feel comfortable or no conviction. Its okay to be wrong, but make sure you know what would happen if you're wrong and have a plan B and C.

sumingu79

If the pattern is an ending diagnoal, how do you play the short? Usually the last wave will look very bullish and it usually will break the trend line to get many breakout traders longing on high. So how do you figure out where the break out will stop? You need to find previous order block from previous wave/ price action. Most of the time, but not always, will...

sumingu79

My future ideas on what I'm planning. Scenario 1: If BTC pulls back to .386- .5 in a 3 wave formation, it is highly likely an ending diagonal/ wedge is in play. Also have to consider volume also has to decrease from the start of the wedge to end. So I would look for a short at the top of the wedge for a rejection and look for a low time frame structural change for...

sumingu79 Updated 

As I mention on the chart, the retrace does not always have to be at the .618. Level with the most activity or order block is usually the level with likelihood of a reaction.

sumingu79

As you know, nothing does straight up or down. Name of the game is to find liquidities. Of course, it might not play out the way I see it but it's better than not having a plan.

sumingu79

Bounce could stop here at .386 if it decides to, BUT, if it decides to move up (higher percentage), measure the 2nd leg. If you're in a long trade, you can figure out if this current move up could be an impulsive or correctively. Any hard rejection from 1 to 1 or to 1.386 will be considered an ABC. (Rarely 1.618 but should over shoot the 1.618 buy a dollar) but...

sumingu79

The Bounce from .5 fib level was expected, especially with a 3 wave down in a falling wedge or diagonal pattern at the end. If you took the trade, first profit should be at the .386 and your stop loss should be at break even now. If it moves further up, look for .618 level as take profit 2 and move your stop loss near the bottom where ever it bounces. If you did...

sumingu79

One of the struggles traders from all experience levels are emotions. When winning or losing, emotions can hinder your strategies. One simple way to check your emotion is to changing the colors of your bars. Colors and emotions coloration have been scenically proven certain color makes you feel differently. Example "RED" makes you think "stop" or "fear". Important...

sumingu79

For those who do not like to use fib or wave structure, I have a gem for you. These are indicators (names are on the chart but the red and green line on the chart is called x-trend) powerful if you use them together. 15 minute chart seems to have the best results. I back tested 50 times and win rate is 65%. 'The way you would want to use the indicators are the...

sumingu79

One of great strategy of scalping in small or high time frame is looking for liquidities. Market is to reward early and accurate entries and punish the late entry. You will have trapped shorts and longs all over the chart. When you see a wick, you better believe there are trapped positions waiting to get out. You can trade and take advantage of these levels in...

sumingu79

All the criteria for a Cypher pattern has been confirmed. Have to see if it will reach there. One thing for sure, it will have a reaction and it's worth a trade!! It's always safe to play the D but also finding a high time frame price structure change for confirmation to play the C-D point (only when structure changes with lower high and lower low)

sumingu79

One thing many analyst and youtubers don't mention is marking the charts. These daily, weekly, monthly and naked Point of controls are important because that an "area" or level, where you can look for a reaction. The level should not be used to set limit orders blindly, rather for you to see what the price action reacts to, rejects or find support. Example, if the...

sumingu79

If you can successfully trade with no big expectations, you can be successful in the long term. If you can grow 1% of your account everyday for a year (with $ 1000, you will grow you account by 35X) you can be very profitable than trying to catch a swing trade. Yes, swing trades are big gains, but it could also lead to big losses as well. Sharpen you scalping and...

sumingu79

Trade the range till it breaks. Which way ever it breaks, look for a retest and enter with previous pivot. ( the blue 0.618 is pulled from the beginning of an impulse wave, not the top of the pivot because it was not impulse. Orange is pulled from the bottom to the very top because it is the start to the end of a wave)