Hi everyone,
Just a brief post to show where I entered a short position (red boxes), where I will add to it, and where I will close it (if everything goes to plan). One thing I think people who hold a bullish perspective must admit is that right now the price is facing a lot of resistance to rising. This is why after entering in the first red box at the 0.618 fib retracement level, I added to my position in the second red box (above). While, my initial red box was slightly low in view of the price action, I haven't been stopped out in 3 days of weak price action (my stop is just above the wave 5 high). Now, the loss in upward momentum is switching so I thought I would float my short position out there.
Please don't infer my view on Cardano as a project from this position - which is 100% based on technical analysis of ADA and BTC price action.
In my view, we have seen the end of wave B, with wave C now commencing. If I am right then I should net a 19% gain in a couple of days. If I am wrong I will update. This is posted for my own education and isn't financial advice. Let's see how I go... Thanks for viewing.
Just a brief post to show where I entered a short position (red boxes), where I will add to it, and where I will close it (if everything goes to plan). One thing I think people who hold a bullish perspective must admit is that right now the price is facing a lot of resistance to rising. This is why after entering in the first red box at the 0.618 fib retracement level, I added to my position in the second red box (above). While, my initial red box was slightly low in view of the price action, I haven't been stopped out in 3 days of weak price action (my stop is just above the wave 5 high). Now, the loss in upward momentum is switching so I thought I would float my short position out there.
Please don't infer my view on Cardano as a project from this position - which is 100% based on technical analysis of ADA and BTC price action.
In my view, we have seen the end of wave B, with wave C now commencing. If I am right then I should net a 19% gain in a couple of days. If I am wrong I will update. This is posted for my own education and isn't financial advice. Let's see how I go... Thanks for viewing.
Comment:
Volatility is back :P
Trade closed: target reached:
Looks like I picked the wave 3 and wave 5 peaks pretty well.
I didn't end up trading ADA for this set-up and instead switched to shorting XRP as ADA had been in a downtrend for longer and I figured the drop would be larger of XRP. Anyway, this trade would have worked out which is good to see. Turns out that the price drops were almost identical fro ADA and XRP.
The bounce should erase this price drop shortly and then hopefully, we will enter a more neutral to bullish market.
I didn't end up trading ADA for this set-up and instead switched to shorting XRP as ADA had been in a downtrend for longer and I figured the drop would be larger of XRP. Anyway, this trade would have worked out which is good to see. Turns out that the price drops were almost identical fro ADA and XRP.
The bounce should erase this price drop shortly and then hopefully, we will enter a more neutral to bullish market.
Comment:
This is mis-labelled. Luckily, the price levels were similar, so my targets held up well. If I was to do it again I would have a wave degree (minute) between the minuette and minor with wave high on the 27th of Sept, low on the 3rd of October, and wave high on the 8th followed by the minor wave C down.