Greetings fellow traders,
As time goes by, the markets evolve...
If your way of TA is strong, then the path will lead its way...
More visible, more probable:
' I’m trying to free your mind, Neo. But I can only show you the door. You’re the one that has to walk through it. '
~ Morpheus, The Matrix ~
With that having quoted, this is my way of keeping order in the chaos. I call it, "Pattern Formation Level(PFL)":
Alpha > Beta > Delta > Echo > Gamma > Theta
Explanation PFL:
-------------------------------------
Current Alpha patterns:
The End Game: Symmetrical Triangle 1st confirmations support & resistance establish, still in progress.
Current Beta patterns:
Falling Wedge/Descending Channel currently breaking out, might evolve into a Descending Broadening Wedge
Current Delta patterns:
Rising Wedge, 2nd confirmation of resistance established. But this might not breakout to the usual breakout direction of this pattern due to the Beta pattern's break out trajectory.
Current Echo patterns:
Ascending Broadening Wedge, 1st resistance confirmation established. Possibly heading to retest support.
Current Gamma patterns:
Ascending Broadening Wedge, 2nd support confirmation established. Possibly heading to retest resistance.
Current Theta patterns:
This level is currently too dangerous to trade. Greater patterns might break out or follow its trajectory.
Today's Note:
UFC fight tonight Connor vs. Cowboy, return of the notorious and Cowboy is pretty bad ass as well. Sorry completely off topic, but I'm expecting a great fight, don't wanna miss it. Hence the reason for this late update, I'm pretty much just been awake for few hours.
Anyways, there has been some nice scalping trade though. It looks like there might be even more scalping trade opportunities up ahead. However, what we really want to know, is there more room for upwards movements? My best guess is, that we'll know more after the weekends. When the futures market opens, I'll be waiting for a retest of a resistance in the lower time frames then I'm taking profits, partially. Momentum Waves are currently converging possible bearish divergences, might wanna keep an eye on that. Money flow's velocity in the higher time frames is slowly declining which is quite concerning. But the weekly is still very bullish but I want to see the money flow crossover the 0 line. In short, it's hard to tell whether bitcoin is going up more or not from this point. It might as well just consolidate moving forward. But it also might just shoot through the resistance tonight.
Anyways have a good evening or -night & weekend!
To be concluded...
Current Targets:
Exit long position / Entry short position target: $9.6K - $10.3K regions.
Tip's/FYI:
Epilogue:
Hopefully in time and it would be my honor, when other analyst implement at least some of my systems, methods and techniques into their TA. Henceforth bringing their TA skills & abilities to the next level. I have taken a lot of information from this community. However I believe. When you take, you should also share. After all, knowledge and experience are the most valuable things in life. This is why I share my daily TA. Hopefully other will learn from it, but never use someone else's TA. Always do your own do diligence before even considering trading.
If you don't want to miss out on any of my daily technical analysis. Then click or tap on follow and don't forget to smash on that like button ^^, thanks in advance. If you're worthy I'll follow you back!
In case you're wondering which indicator I'm using. She's called EMI , short for 'Epic Market Indicator' and she's a collection of diverse indicators. How to use, is in the description. You can use them like any other indicators. Search for 'epic market indicator' then add. I have recently published the latest versions. EMI 1 v3.0 & EMI 2 v2.0. Like any other instrument, practice makes perfect. If you have any input for EMI or questions about my way of TA(*Asian sound-effects*). Please leave a comment or DM me and I'll try to respond a.s.a.p. Be careful and good luck fellow traders, may the trend gods be with you!
As time goes by, the markets evolve...
If your way of TA is strong, then the path will lead its way...
More visible, more probable:
- Dashed lines; Possible forming patterns
- Solid lines; Confirmed patterns / Support or Resistance
- Dotted lines; Possible price-action trajectories / wave trend
- Lighten colors = Support | Darken colors = Resistance
' I’m trying to free your mind, Neo. But I can only show you the door. You’re the one that has to walk through it. '
~ Morpheus, The Matrix ~
With that having quoted, this is my way of keeping order in the chaos. I call it, "Pattern Formation Level(PFL)":
Alpha > Beta > Delta > Echo > Gamma > Theta
Explanation PFL:
- This is an additional stage of usage of the pattern formations. Some level of experience in pattern formations is required. You can also ignore this part and head straight to 'Today's Note', just read the patterns between the brackets.
- Alpha; ST / Bullish Pennant pattern formation, a.k.a. "The End Game", a.k.a. "The Big Long". (Daily and higher time-frames)
- Beta; Most recent relevant and biggest forming pattern within The Alpha forming pattern. FW / DC. (4-24 hour time-frames)
- Delta; Most recent relevant forming patterns within The Beta pattern. (4-8 hour time-frames)
- Echo; Most recent relevant forming patterns within The Delta pattern. (1-4 hour time-frames)
- Gamma; You get the picture... (10-60 min. time-frames)
- Theta; Do not thread these treacherous waters. At least for master level TA skills or higher. (10 min. and lower time-frames)
- Eventually the PFL's are all connected. Gamma patterns combines into Echo pattern and Echo patterns combines into Delta patterns etc. Until the Alpha patterns has been formed. I'm not calling it just the Alpha for dominance in size. For as this pattern, is, the Alpha and Omega. Which will end current market cycles and start anew. From time to time, I might thread the secret level when I'm feeling gutsy.
- Additional advantage of the PFL system is, when you have to determine whether a certain pattern will have its usual breakout direction.
- By inserting pattern formations in the PFL as parameter. This makes it easier keeping track of which pattern formations are relevant to the current TA and entry or exit strategies.
It might be hard to learn, but it is certainly easy to master. As a programmer and I like playing chess, as result to my TA. I like to look ahead as far as possible. This is only doable, if you have reasonable reliable trends to follow. In time, as I gain experience in the markets. My TA skills evolves and in parallel my systems and indicators.
-------------------------------------
Current Alpha patterns:
The End Game: Symmetrical Triangle 1st confirmations support & resistance establish, still in progress.
Current Beta patterns:
Falling Wedge/Descending Channel currently breaking out, might evolve into a Descending Broadening Wedge
Current Delta patterns:
Rising Wedge, 2nd confirmation of resistance established. But this might not breakout to the usual breakout direction of this pattern due to the Beta pattern's break out trajectory.
Current Echo patterns:
Ascending Broadening Wedge, 1st resistance confirmation established. Possibly heading to retest support.
Current Gamma patterns:
Ascending Broadening Wedge, 2nd support confirmation established. Possibly heading to retest resistance.
Current Theta patterns:
This level is currently too dangerous to trade. Greater patterns might break out or follow its trajectory.
Today's Note:
UFC fight tonight Connor vs. Cowboy, return of the notorious and Cowboy is pretty bad ass as well. Sorry completely off topic, but I'm expecting a great fight, don't wanna miss it. Hence the reason for this late update, I'm pretty much just been awake for few hours.
Anyways, there has been some nice scalping trade though. It looks like there might be even more scalping trade opportunities up ahead. However, what we really want to know, is there more room for upwards movements? My best guess is, that we'll know more after the weekends. When the futures market opens, I'll be waiting for a retest of a resistance in the lower time frames then I'm taking profits, partially. Momentum Waves are currently converging possible bearish divergences, might wanna keep an eye on that. Money flow's velocity in the higher time frames is slowly declining which is quite concerning. But the weekly is still very bullish but I want to see the money flow crossover the 0 line. In short, it's hard to tell whether bitcoin is going up more or not from this point. It might as well just consolidate moving forward. But it also might just shoot through the resistance tonight.
Anyways have a good evening or -night & weekend!
To be concluded...
Current Targets:
Exit long position / Entry short position target: $9.6K - $10.3K regions.
Tip's/FYI:
- People = Psychology > Patterns > Indicators > Fundamentals. Nonetheless, all is crucial. Psychology? When you observe a chart. Ask yourself who's the most in pain? Bears or Bulls?
- Watch & learn from experienced traders and discover your style of TA. Hence develop this, imitating will only get you as far.
- The most accurate trend indicator when using logarithmic, are the; Relative-, Exponential-, Weighted-, Simple- and regular Moving Averages. At least use Heikin Ashi candles if you don't like MA's and vice versa or using both might be even better. The algorithms of these indicators adepts to logarithmic variables visually. Linear tools and pattern formations obviously do not for that matter. Since it doesn't concern logarithmic variables.
- The trend is your friend!
- Pattern Formations is the most accurate method, when it comes to observing the behavior of buyers and sellers. If you don't understand this, don't be lazy and google. Learn this as basics, pattern formations are ideal to combine with other methods.
- Why I use the body instead of wicks when drawing patterns? Because I like to(and you should also) switch up between lines and candles and I hate to constantly change the properties... If you're an experienced analyst, you'll know this is a pain in the a... Nevertheless crucial. Figuring this out and looking at the charts with different perspectives, will give you more confidence finding the possible trends regardless of the method.
Epilogue:
Hopefully in time and it would be my honor, when other analyst implement at least some of my systems, methods and techniques into their TA. Henceforth bringing their TA skills & abilities to the next level. I have taken a lot of information from this community. However I believe. When you take, you should also share. After all, knowledge and experience are the most valuable things in life. This is why I share my daily TA. Hopefully other will learn from it, but never use someone else's TA. Always do your own do diligence before even considering trading.
If you don't want to miss out on any of my daily technical analysis. Then click or tap on follow and don't forget to smash on that like button ^^, thanks in advance. If you're worthy I'll follow you back!
In case you're wondering which indicator I'm using. She's called EMI , short for 'Epic Market Indicator' and she's a collection of diverse indicators. How to use, is in the description. You can use them like any other indicators. Search for 'epic market indicator' then add. I have recently published the latest versions. EMI 1 v3.0 & EMI 2 v2.0. Like any other instrument, practice makes perfect. If you have any input for EMI or questions about my way of TA(*Asian sound-effects*). Please leave a comment or DM me and I'll try to respond a.s.a.p. Be careful and good luck fellow traders, may the trend gods be with you!
Comment:
Momentum waves converged a bullish divergence, missed that one :'(.
Comment:
2h time frame
