tradedevil

tradedevil

Expect a reaction at the 50%. This is a very aggressive trade but there is little doubt that Algos will start buying at the 50%. There's a buy zone on the chart that's $150 wide. Not a trade for everyone but a reasonable first entry with smaller size anticipating there might be a second buy if the market heads to the median line and the fib cluster found around...

tradedevil

Two Buy Zones. The Channel is nice at Zone 1. Either you're in with a tight stop at Zone 1, or you're in at Zone 1 and adding at Zone 2. Just a matter of risk tolerance and account size. No need to be a hero though... First trade should be on the smaller size, IMHO. Risk Reward of 12-to-1. Nice! There will be plenty of opportunity to add if the low is in here...

tradedevil

That's a beautiful Elliott count. If it's heading to those targets above, this is the likely launch point. Stop needs to be tight as there is data at 10:00am EST. that can move the market. But no reason to have your stop too far below the 61.8 of this last wave, data or no data. Nice upside potential with a risk reward of 5.5-to-1. This trade will reveal itself...

tradedevil

We need the Big Dog to move away from this low with some velocity in the near term. Yes, we've established a strong level of support; all the more troubling should we break it. If we do... likely target for next support is down to $3,860. I'm long but stops are being inched up... I'll feel much better about a new high this month when we're back above $4,500. Tip...

tradedevil

Still the preferred count. The swing low has now been tested twice. There are rarely three successful tests... so, if it is approached again, expect it to break. In the meantime, there's definitely a trade here... 4.68 -to 1 risk/reward. A clear exit point. A nervous market and likely tentative bears with stops in place to fuel new highs. Wanna go get those...

tradedevil

Another bite to be had here if you're not in already. Nice structure. Risk is moderate. Upside clearly there with two targets. 4.5-to-1 on the First Target. What's not to like... Let it Rip

tradedevil

The Bullish count can still play here. If this last low holds, we go higher in an impulsive 5-wave structure. If we break it and then break the 200 EMA... The 5th of this last impulse is in and we most likely retrace to a full 50% of this last 5 Wave structure down to $3388. I'm long and strong but you've got to look at all scenarios. A close below the 200 EMA......

tradedevil Updated 

Not for everyone. I take it in a small position with a stop under the 78.6. Structure is there, Algo's "will" be defending here. The Wave-2 had to come... It came fast but here it is... Nothing wrong with waiting for a higher low to form on the 15-min. I like it with a small position and powder dry to add on the first higher low. Upside is tempting to look at but...

tradedevil

Not an easy trade. You don't have to catch the falling knife. Let a pivot form and look for the next higher low on a smaller time frame. It will be the "next" wave-2. Stop below the pivot low. These are the trades you wait for... I'm not saying the low is in. What I'm saying is that this kind of a move creates opportunities. You have to wait for a move like this...

tradedevil

I rarely short crypto. But, this is too strong to ignore. Beautiful wave structure and a very clear stop out point for a low-risk high-reward trade. A stop is essential to this trade. No need to give it any more risk than the Wave-1 swing low. Note the yellow dashed line and where that puts the currently labeled Wave-4. Nice target gives a 5-to1 risk reward...

tradedevil

Yes, you can make the case that the 5th is in and we're starting the 2nd wave retracement. I'll bet on the good structure here and the probability that without a meaningful retracement we're still on track for a new high from this impulsive wave. Risk reward of 6-to-1 makes it a reasonable trade. Stop is close by just under the 61.8 and the lower channel. I take...

tradedevil Updated 

The Golden box is sitting and waiting for a dip in. This is technical perfection... "IF" it plays out. Note the yellow dashed line at the Wave-1 low on the way down perfectly tapping the Wave-1 high on the way up. Sexy. Now that line sits exactly at a 61.8 retracement for the 4th wave of this impulse. Algos prefer the 50% so don't be surprised if this is...

tradedevil

Hard not to like this chart pattern. A pretty stick save at the 61.8 says trend remains up. With a stop just below that pivot, the first target offers a 4.42-to-1 risk reward. Low cost, low risk, high reward percentage... Let's get into the PINK to get into the Black...

tradedevil

Yea, this is what you call 'setting the table' for a trade. Beautiful glide path for a Wave-4 landing... We can expect a fight for support at the 50%. Does it hold? We wait and see but the question is whether there's enough reward to take the risk to find out. By my measure, we've got a 4-to-1 risk/reward. A clear exit at the break of the Wave-1 high and 61.8. My...

tradedevil Updated 

Still plays as long as we stay above 78.6 and the 200 period MA. This is still my preferred count as we never made a retracement deep enough for a clear wave-2 of Wave-5 of WAVE-3. I'm long and HODLing

tradedevil

We got Elliott in, on and all over the place. This is an Elliott traders wet dream. Perfect symmetry on the wave down to $140. With clear waves within Waves. Note the 100% app (alternate price projection) or A-B = B-C on the last major low. Then we get the Elliott-liscious Leading Diagonal that includes an Ending Diagonal up into $314. Nice. Then a clear a-b-c in...

tradedevil Updated 

Perfect structure for a 3-to-1 risk/reward trade. Tagged the 61.8 for a nice wave-2 of Wave-5. Clear stop out point with a break of the Wave-1 high. These are trades that will reward you over time. It's not a matter of whether "this" particular trade is successful. It's the consistency of taking a trade with this kind of risk reward repeatedly over time. The ones...

tradedevil

Low "relative" risk with very high reward. 13-to-1 has a nice fib ring to it. Trading now right at the 50% and inline with previous swing highs which can offer support here. Nice low volume node for a sweetener. Algos be buying right here. If it breaks the 61.8 they switch to sellers. You don't have to give it that much risk. Nothing wrong with keeping the stop...