Cryptocurrency trading is a dynamic world where market sentiment can shift rapidly, and even experienced traders can find themselves reassessing their positions. Recently, I had an interesting experience that highlights the importance of staying open minded and continuously refining one's technical analysis skills.
In this story, I encountered a fellow trader's idea posted on Trading View, and it led me down a fascinating path of Elliott Wave Theory (EWT) analysis. This tale serves as a reminder of how traders can adapt and learn from their mistakes, ultimately benefiting the broader trading community.
A Misstep in My Initial Assessment
It all began when I stumbled upon a trading idea shared by Solldy. At first glance, their chart appeared to display a classic EWT triangle pattern. Eager to contribute to the discussion, I quickly commented on their post, sharing my insights on what I believed to be an EWT triangle formation.
However, my excitement was short-lived. Upon revisiting the chart after posting my comment, I realised that I had overlooked a crucial detail: the price had entered the triangle from the downside. This oversight changed the entire context of my initial analysis and sent me on a quest to reassess the situation.
Exploring the Elliott Wave Counts
To make amends for my earlier error, I decided to create my own chart to clarify my perspective. In my first attempt, I encountered some inconsistencies that led me to a surprisingly bearish outlook. While it is essential to consider all possibilities in trading, this extreme bearish scenario seemed unlikely, given the broader context.
A Second, Less Bearish Count
Undeterred by the initial complexity, I continued my Elliott Wave analysis, determined to provide a more accurate assessment. This time, I arrived at a second count that was significantly less bearish. This count not only felt more in tune with the current market sentiment but also opened up new trading opportunities.
A Trading Opportunity Emerges
One of the valuable takeaways from this experience is that even when facing setbacks, traders can find silver linings. Through my renewed analysis, I identified a promising trading opportunity: a potential Long position upon the completion of Primary Wave 4, with an eye on the completion of Primary Wave 5.
The Bigger Picture
While I acknowledge that my second count is not yet fully measured and validated, I have decided to put this information out into the trading community. By sharing my insights and potential trading ideas, I hope to contribute to informed decision making among fellow traders.
In conclusion, this journey demonstrates the ever evolving nature of our understanding of financial markets. It underscores the importance of humility in trading and the need to adapt, learn, and continuously improve our analytical skills.
Trade safe.
In this story, I encountered a fellow trader's idea posted on Trading View, and it led me down a fascinating path of Elliott Wave Theory (EWT) analysis. This tale serves as a reminder of how traders can adapt and learn from their mistakes, ultimately benefiting the broader trading community.
A Misstep in My Initial Assessment
It all began when I stumbled upon a trading idea shared by Solldy. At first glance, their chart appeared to display a classic EWT triangle pattern. Eager to contribute to the discussion, I quickly commented on their post, sharing my insights on what I believed to be an EWT triangle formation.
However, my excitement was short-lived. Upon revisiting the chart after posting my comment, I realised that I had overlooked a crucial detail: the price had entered the triangle from the downside. This oversight changed the entire context of my initial analysis and sent me on a quest to reassess the situation.
Exploring the Elliott Wave Counts
To make amends for my earlier error, I decided to create my own chart to clarify my perspective. In my first attempt, I encountered some inconsistencies that led me to a surprisingly bearish outlook. While it is essential to consider all possibilities in trading, this extreme bearish scenario seemed unlikely, given the broader context.
A Second, Less Bearish Count
Undeterred by the initial complexity, I continued my Elliott Wave analysis, determined to provide a more accurate assessment. This time, I arrived at a second count that was significantly less bearish. This count not only felt more in tune with the current market sentiment but also opened up new trading opportunities.
A Trading Opportunity Emerges
One of the valuable takeaways from this experience is that even when facing setbacks, traders can find silver linings. Through my renewed analysis, I identified a promising trading opportunity: a potential Long position upon the completion of Primary Wave 4, with an eye on the completion of Primary Wave 5.
The Bigger Picture
While I acknowledge that my second count is not yet fully measured and validated, I have decided to put this information out into the trading community. By sharing my insights and potential trading ideas, I hope to contribute to informed decision making among fellow traders.
In conclusion, this journey demonstrates the ever evolving nature of our understanding of financial markets. It underscores the importance of humility in trading and the need to adapt, learn, and continuously improve our analytical skills.
Trade safe.
