Bitcoin is struggling to hit above $6,000 and we have a Sell signal, which is what I have been waiting for a Correction.
So this Short trade has a R:R 2.5:1
Note I never predict timing on this Forum (so don't ask me when), I am positioning myself for a move with pre-defined risk which I fully accept.
Sean Vengan 10+ Years Professional Trader and Trading Educator
REALITIES IN TRADING: In trading, there are Winners and Losers. Accept it. If you can't you shouldn't be trading. We protect our capital with stop losses. Our winning trades eat up our losing trades, with the goal, over a series of trades, to be NET POSITIVE. Ignore newbies who are uneducated in trading & investing and say "You were so wrong" (we as traders know, a loss is insignificant over a number of trades). Each trade posted is YOUR FREE CHOICE, YOUR RISK MANAGEMENT and YOUR RESPONSIBILITY. Always factor in "WHAT IF I LOSE MONEY ????"
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PROFESSIONAL ADVICE: NEVER FORGET THE BIGGER PICTURE WHEN TRADING! Just a reminder of my forecast over 1 month ago which I publicly posted.
On the Daily, we are in Wave 5 and waiting and it is unconfirmed it has ended, That's what we are currently testing.
On Weekly, we are just starting out Wave 3 so Medium Term / Long Term I am still a Bitcoin Bull.
Remember when you trade you MUST KNOW WHAT TIMEFRAME you are trading in order to be LEVEL-HEADED and OBJECTIVE and not get bogged down with lower timeframe charts like 15min, 3min charts etc...
Heres my post of 25th September 2017 as a reminder of the BIGGER PICTURE :
I hope that helps give you a FULL PERSPECTIVE of my views.
Once daily wave 5 is confirmed, would that mean we could very well expect to see a large ABC correction down? I'm looking out for that movement before adding more to my long position. However, I'm somewhat unclear about your weekly count and saying that we are in wave 3, since if that count were true it would be much higher until we would see a significant correction no? Would love some clarification on this point, thanks!
@SEAN_VENGAN, It seems like you are watching for two EW counts: the daily count, which is currently in wave 5, and the weekly count, which is currently in wave 3. I understand that once the completion of wave 5 is confirmed, we should be heading for a large ABC correction downwards. However, this scenario would seem inconsistent with your weekly count (wave 3) that suggests we are still heading up some more. In other words, if wave 5 is completed and an ABC correction occurs, wouldn't that ABC correction be considered wave 4 for the weekly count?
I'm somewhat new to trading and Elliot Waves as a whole, so this might be a pretty clear point that's simply gone over my head. Thanks in advance.
janor123
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@SEAN_VENGAN , in a past post you had a line marked at around November 7th for a turning point (either up or down). Is that still in play?
MichelGarcia
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@janor123, on November 7 Bitfinex will be closing in the U.S. I'm expecting to see some serious selling.
janor123
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@MichelGarcia thanks but I wasn't referring to fundamentals...was referring to a previous chart which Sean had posted.
EylemCulculoglu
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I don't agree with you Sean... Tom Demark count gave a clean green 2. This means we will have 7 more days of uptrend. Which will probably bring us to a new ATH.
Here is my analysis:
EdFib3
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Well pictured Sean! ...Simple & Clear with a very Proactive Professional approach.
Thank you for taking the time!
UnknownUnicorn1063189
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@EdFib3, Thank you Ed, for your appreciation and thoughtful words.