BCHUSD Update Neutral/near term bullish with Caveats When you see a failure like this you have a good idea of where it should come back to...the beginning of the structure to its left, right? BCH certainly took its time but has eventually succumbed. As with BTG most stale bulls have been rinsed out in the wash, us too, thankfully. BTChas come back to the beginning now and is trying to go again...would really like to see a double bottom form at 1385 to feel good about a long but we may not get it. Look to buy on dips with stop below 1380 for now. Don't push upside too far though, this pattern downwards has not fully completed yet. Expect one more downwave which must then hold at 1385 for this to really turn positive again from here.
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Well we got a nice rally right up to next blue line of resistance and jusst hope you were sensible and closed out there as cautioned above...we shoulda woulda coulda shorted this right there...doh...anyway it's come back to the next support - so far lines of support and resistance are working quite well here.. .
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BCH More...so this is still in a bad way technically as is plain to see. Still vulnerable whilst trapped below 1367 old support/new near term resistance. Was excellent to close shorts there but not to reverse, though if you did that was slick. Close it now though unless it can push above 1367 quickly... be ready to short this one last time if 1349 gives way by more than 3 points, looking for a wipe out to 1286 and then, after a quick bounce to 1245-1228 range where we look to reverse and get long again with stops under 1225, if we see it. Be prepared...this could happen quite soon. If you don't want to short then look to place orders in market at 1245 down to 1228 with stops below 1225.
I'm out of all markets...BTC up there without taking a break makes me cautious...
It would be wonderful to hear your experienced thoughts on IOTA and it's current correction; if that interests you...
Why wont link send us straigt to Iota page on wiki?
hmm , okay, just wanted to try to repair bad link! :)
Skatespeare
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Had I only listened. Thanks for your advice.
sumastardon
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@Skatespeare, Hey, do not despair. that will just stop you trading back out of it...hope you got the break today and maybe spotted the pin close to the low to get long again? Or were you too down and pissed off by what had just happened? In which case you're human. That's the problem We need to be robotic and have a plan b already workeed out and written down ...so nothing can surprise you (except black swan event which will happen again one day for sure. This is the risk we take when playing with hand-grenades with the pins taken out. Follow the chart and not your heart and you will become less human (in a good/trader way) I mean.Be lucky
Skatespeare
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@sumastardon, Thanks for the kinds words :) I closed some positions before it really went down and I'm holding a small one now. It's not so much despair as it is just frustration that this coin keeps fooling me. And not just me, but almost everybody here. Basically everybody here was off, and not by a couple of point but the entire direction of the trend. And not once, but every time. I think yours were the only ones that came pretty close.
I'm out of all markets...BTC up there without taking a break makes me cautious...
It would be wonderful to hear your experienced thoughts on IOTA and it's current correction; if that interests you...