Hi @Zoen_Trieste, hope you don't mind a question from a newbie to tradingview. I'm curious about the Gann style pale rhombus boxes / cycle components you have drawn on the chart. Did you construct these line by line using the standard Trading view drawing tools as guides, or is there a custom tool somewhere that does that?
Also curious about how you arrived at the time period for the largest rhombus? Is that taken from a prior swing?
Thanks
Zoen_Trieste
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@BoundsieBoy, hi. Thanks for reaching out. I used the Gann Box tool to draw the boxes. The time period depends on the price to bar ratio. I am using $5 per 20min here.
BoundsieBoy
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@Zoen_Trieste, thanks very much. Your chart really helps see the cyclical components. I think this is going back to the all time highs :)
RamboBTW
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That makes sense
alienteck
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Since BTC always dips before a rise, anything is possible.. But the last dip was a tad too much?
Zoen_Trieste
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@alienteck, it was an aggressive move linked to a extraordinary plunge in the world stock markets. The noteworthy thing here is the exceptional recovery of BTC, which outperformed basically all other asset classes including gold.
alienteck
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Gold is not for making money.. But to keeping your money.. A huge difference.. And also only over time.. But in the US they play it like a stock and with paper.. Which it is not.. This is why most people dont bother looking at gold prices but when they hear it fell a lot etc they go to buy it.But they dont run off to sell it when ever they hear it has gone up.
Zoen_Trieste
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@alienteck because it never runs up tenfold within couple of years. The urge to book profit is much greater when you’re up 1000% than when you’re up 50%.
Also curious about how you arrived at the time period for the largest rhombus? Is that taken from a prior swing?
Thanks