Tendorian
Long

5th April Bitcoin - Intuition Long

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I call this an intuition trade, after some thought I think we are at a bigger correction than I was expecting. Will post the chart below.

Tight stop
Price 6650
SL 6500
Target Above 7500
Comment: The SL is at 6500, I drew the box wrongly
Comment:

What I am thinking is that we are at a bigger ABC correction like the one that happened at March 9-12. And we have just finished the B wave down and going up for the C wave to above 7500 before the bigger fall.

If 6500 is broken, we will go down.
Comment: I do not trade elliot waves, but I use them to make sense of the market when I am confused.
Comment:

With the down move that surprisingly missed my SL by $1, everything is clear for me. There will be a continuation of the downmove, and there will be another push to 6900-7100 area where I will short for the down move to 6200 and below.

Price 6650
SL 6500
Target Above 6900
Comment:

Closed trade at 6900, now looking to short.

This was a lucky trade, price missed my SL by 20 cents, but even though I was wrong in my intuition trade, but I did not lose money, that is good enough. Now looking to short.
I believe also it will hit 7200, and goes down again
Reply
@zak6111, It may not reach that far, we may even have topped here at 6900
Reply
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