BTCUSD: Casual Discussion of Current Price Action in Multiple TF
Hi Everyone! I pointed out in this video what we are looking for while keeping in mind, "We don't know what we don't know until we know it" when using Wyckoff Method 2.0. We would use the indicators to guide us between events; whether they be Distribution events or Accumulation events. If one is to navigate these events successfully and CONSISTENTLY, they would need to know how to scalp using the Short Term Group as a compass; the Near Term Group for pressure trend and current trading range; and the Immediate Group for better entry (open) and or exit (close).
Sometimes, you may prefer to play it safe with upward or downward pressure trends you see in the Mid Term and Near Term group. Meaning, "The trend is your friend." If we have downward pressure still on-going in the Near Term and Mid Term Group of time frames, you may prefer to play it safe by focusing only on shorts in the Short Term and Immediate Group of time frames. Especially, if you are trading with leverage. If you are fairly well versed with the indicators and have the TIME to monitor and execute "High Time Frame Scalps" using the Short Term Group as a Compass, you may choose to also open long positions as well. Especially, if you are pretty well versed with know where the price action has support and/or resistance in any time frame using the Phoenix Ascending and Bad Ass B-Bands indicators -AND- also mindful of pressure races... as well as situations in which we are "OVER-EXTENDED" in a particular time frame. etc... etc...
If you are an INVESTOR, you may consider breaking up the capital you have laid aside to INVEST in Bitcoin into at least ten (10)) portions and use a portion or two here and there on SWINGS; not scalps. A "swing" is when we swing high or swing low out of a ""trading range."" A "scalp" is when we are going up or down WITHIN a ""trading range."" If you are a "High Time Frame Scalper," you can usually make your entry (open) or exit (close) a bit earlier on SWINGS to a higher or lower ""trading range.""
BE ADVISED: I would not be "anxious" about using your ten (10) or more "portions" too quickly here as an INVESTOR. We still have a LOT OF TIME remaining (in my opinion) before we see upward pressure REMAIN for a SUSTAINED period of time. If we are in "accumulation," you generally would prefer to reserve the majority of your "portions" for Phase C in an accumulation schematic. If we are in accumulation, we have only just begun Phase B. It's possible to have multiple Simple Rally's and multiple Test of Support events in Phase B before transitioning in to Phase C. So, like I said... don't be in a big hurry dollar cost averaging in your accumulation as an INVESTOR.
Hope this was helpful...
Happy Trading and Stay Awesome!
David
P.S. - I have got to get my "High Time Frame Scalping" section completed. Which means I'm providing technical analysis only for bitcoin for a while. I'll try to update on bitcoin when I can.
Sometimes, you may prefer to play it safe with upward or downward pressure trends you see in the Mid Term and Near Term group. Meaning, "The trend is your friend." If we have downward pressure still on-going in the Near Term and Mid Term Group of time frames, you may prefer to play it safe by focusing only on shorts in the Short Term and Immediate Group of time frames. Especially, if you are trading with leverage. If you are fairly well versed with the indicators and have the TIME to monitor and execute "High Time Frame Scalps" using the Short Term Group as a Compass, you may choose to also open long positions as well. Especially, if you are pretty well versed with know where the price action has support and/or resistance in any time frame using the Phoenix Ascending and Bad Ass B-Bands indicators -AND- also mindful of pressure races... as well as situations in which we are "OVER-EXTENDED" in a particular time frame. etc... etc...
If you are an INVESTOR, you may consider breaking up the capital you have laid aside to INVEST in Bitcoin into at least ten (10)) portions and use a portion or two here and there on SWINGS; not scalps. A "swing" is when we swing high or swing low out of a ""trading range."" A "scalp" is when we are going up or down WITHIN a ""trading range."" If you are a "High Time Frame Scalper," you can usually make your entry (open) or exit (close) a bit earlier on SWINGS to a higher or lower ""trading range.""
BE ADVISED: I would not be "anxious" about using your ten (10) or more "portions" too quickly here as an INVESTOR. We still have a LOT OF TIME remaining (in my opinion) before we see upward pressure REMAIN for a SUSTAINED period of time. If we are in "accumulation," you generally would prefer to reserve the majority of your "portions" for Phase C in an accumulation schematic. If we are in accumulation, we have only just begun Phase B. It's possible to have multiple Simple Rally's and multiple Test of Support events in Phase B before transitioning in to Phase C. So, like I said... don't be in a big hurry dollar cost averaging in your accumulation as an INVESTOR.
Hope this was helpful...
Happy Trading and Stay Awesome!
David
P.S. - I have got to get my "High Time Frame Scalping" section completed. Which means I'm providing technical analysis only for bitcoin for a while. I'll try to update on bitcoin when I can.
Present Day Distribution with POSSIBLE Accumulation:
2014 Distribution Schematic:
Current Long Term Accumulation Schematic:
Entire History of Bitcoin Using Wyckoff Method (No details on events within each phase):
Super Macro Group (2W, 3W, 4W, 5W, 6W, 8W, 10W, 12W):
Macro Group (11D, 22D, 23D, 24D, 25D, 26D, 27D and 4W):
Long Term Group (8D, 15D, 16D, 17D, 18D, 19D, 20D and 3W):
Mid Term Group (4D, 8D, 9D, 10D, 11D, 12D, 13D and 2W):
Near Term Group (12h, 24h, 2D, 3D, 4D, 5D, 6D and 1W):
Short Term Group (30m, 60m, 90m, 2h, 3h, 4h, 6h and 8h):
Immediate Group (5s, 15s, 30s, 1m, 2m, 4m, 8m and 15m):