-Considering the shrinking volume on the Signs of Weakness' in Phase B, I assume we are in the Distribution Schematic #1 -Also, look at the Distribution Schematic #1, it is nearly identical with our BTC situation
Thanks for taking a look, please PM me if you are a fellow Wyckoffian so we can share ideas!
@thymasterful, I am playing w- Ichimoku. I don't have a formal target since I am using leverage. I have a SL below 9,164 (entry was just over $9,300). If it moves up to $9,500, then I make over 10%. And if it goes higher, then I just trail my stop.
It think it will PUMP a bit though before another down move. I risk overtrading here but I liked what I saw and it's not a bad stop.
mightytrader
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(p.s. logging-off now; will respond tomorrow to any subsequent messages Good night! =)
nakov
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@mightytrader, dude, good that you use stops. Rally from 6900 to 9900 with low volume other than the short squeeze to 7500, almost no correction is not organic. So it was due to come sooner or later. Good that you used stops. I also expect some mania happen before middle of June. But that's a lot of time in crypto.
mightytrader
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@nakov, Yeah, I went short soon thereafter (around $9,100). It was a quick drop and that told me the market was weak but it had been trending below the clouds. I was just concerned it might rally again to like $9,800. I am flat now since $8,600
I love to study Whale Behavior xD.
However, I already traded enough during this consolidation phase. Not giving profits back so I will wait and see what happens.
Much easier to just wait for alt season.
I think we see some mania happen again before middle of June.