Sometimes, this sh*t is so good it's actually hard to believe. If you think a four point channel, defined to the tick like this, is a random occurrence... think again. Bulls, you can un-clench your sphincter... We've got a very clear impulse wave off this last pivot low. Exactly what we needed to see. That gives the opportunity for a trade as we correct this...
Good trades "usually" start well. They don't put you under any stress. That's part of the reason... they're good trades ;) If you caught this with me, and I hope you did... time to bring that stop up. Lets keep the stress completely out of it. But too soon to start banking it. We're a long way from that target at $481. But I do like seeing it up there. It would be...
Amazingly, it's "almost" always there. You just have to keep looking for it. The one thing I can promise you, is that this low is not random. In fact this structure is a very strong block from which to build. The probability of this low holding now increases. And for all you Utra-Bulls, the depth of this correction implies that this is a larger degree Wave-2. That...
Okay, I've been stopped out twice. Not major hits but it always stings. So what's happening? 1st step, move to a higher time frame. Look left for structure. Where are we with Fibs? What are the algo's likely doing..? What we "can" see with clarity is that we are correcting an impulse wave. We're at a 1.272 alternate fib projection. That works. We just touched the...
The 50% is pretty. Yes, you could get left with unfilled orders waiting for the 50 as a strong trend will often turn on the 38.2. In fact the stronger the trend the more likely that is. But I like that bit of structural support to the left of the 50 and I know Algos will be snapping there like a pit of hungry gators... "if" we get there. Oscillator is not quite...
That looks to me like classic stop running. You though that only happened in the Forex market..? I go again. Stop is close enough and the upside remains in tact. 11 to 1 risk reward. I take this all day. I would like to see the oscillator turning with strength but the longer you wait for that confirmation the greater the risk on the stop and the lower the profit...
It's a plan coming together beautifully. We just tapped the 50%, Aggressive trades can start buying now. If you like a perfect set up... wait for the pocket between $2,340 and $2,282. But you may get left behind. Too soon to tell. You can wait for the oscillator to start making the turn if you prefer to wait for confirmation. It's really an easy trade as the stop...
This would be a remarkable streak. Potentially five retracements to the 78.6. You keep taking them until they break. This is perfect E-wave set up. Nice deep 2nd wave of a 3 wave. Text book. I like this type of trade as the market tells you if you're wrong quickly. Sweet Risk Reward of 8 to 1. I like to put half the position on at 61.8 and leave the other half for...
Things happen fast in Crypto. And while it's possible this correction is going to be short and sweet, I'm inclined to look for a more complex correction than that little a-b-c we saw today. Elliott's rule of alternation suggests that markets "tend" to alternate between a simple correction, as we saw in May, and complex. It is, of course, too soon to tell. But I'm...
If you were stopped out on the 1st trade. As I was; here's the reload. The 61.8 hold suggests algos at play. And offers a very nice risk reward of 7.7 to 1. Stop is close by as a breach of the wave 1 high invalidates the trade. Second time can be more difficult to pull the trigger. Keep it logical not emotional. Just another trade...
Algo's will be at the 50%. Does it hold? Stops below the 61.8. If stopped out wait for the next set up. This is trade I take every time. Keep the size appropriate as you'll want a second swing at it if it blows through you stop here. Rick reward on this is 5.23 to 1. I'm in...
As I've written before, markets have a way of displaying a technical personality. Litecoin's got 78.6 all over it. Who knows why... But it demonstrates it as a "tell" and we can trade it. If we make the assumption that the wave 2 of Wave 5 low is in (at the 78.6) then we've got the next pullback to start buying. I'd suggest multiple entry points here. Start with a...
Given the clear Elliott count, the expectation would be for a more substantial 3 wave correction. Keeping in mind that this, and all wave projections in to the future are only "potential" road maps... we can only trade what we see. Right now the median lines are holding. If that breaks, then the a-b-c 3 wave correction increases in probability. Until then, if...
You wait for a pullback. Now the check list; Calculate the trades invalidation point. Check. Establish a target. Check. Look left. Check. Consider risk to reward. Check. Make sure your account can withstand the loss without catastrophic impact. Check. Load trade; pull trigger. Check. Now you experience 'as close to emotionless trading as possible...' Check....
If you're not on this train, You may get a shot on a pull back to the 50%. Keep the size appropriate as you do not want to get shaken out of this very strong trend. You've got two places to load (if and when we see them) at the 50 and the 61.8. And two targets for either partial profit or stop tightening. Risk reward is 3.85. Now, patience...
2nd attempt. It is hard to take after just being stopped out. Why take it? Risk reward of 13.62. Now add the well defined channel. The 61.8 and the over bought oscillators and don't forget to look left. Is there previous support offering resistance? Tight stop mandatory, of course and it's a Friday. And shit happens over weekends. Keep the size appropriate and...
Gravity, seems to be pulling ETH down a bit. That's good news if you're looking for a place to get long. No reason to think this pattern will change. Until it does. Until then; there's a nice entry at $233. With a stop just below the 61.8 at $221(ish). A break below that and we could head to the lower channel line and the larger 50%. ETH has shown a personality...
You can still catch this ride if you're not already in. Risk profile; 7.61. Sure it could get popped out with the crazy train rolling in the markets right now but your stop is tight and there's a second loading zone at the 61.8. My stop is just above the last pivot.