user100000
Long

Wave (c) of triangle

BITSTAMP:BTCUSD   Bitcoin / Dollar
360 11 5
Lets take a closer look at wave (c) of the triangle. As you know, each leg in a triangle is corrective that means it has a three wave structure (abc). The fist part seems to be some kind of wedge shape (diagonal) for the first wave a and then we get a deep wave b correction. The final c wave is a normal five wave impulse. The macd shows the wave 3 position (deepest) and you can see a big bullish divergence between 3 and 5. The spike seems to indicate the end of 5 because it overlapped with wave one giving us a hint that this is the start of wave (d) up. Also note the well balanced relation between wave a and c (c=a*1.618)
Seriously dude? I don't know shit about sports but I don't post a bunch of opinions in a sports forum. If your technical analysis was any good you'd receive praise from me and others but it's not so stop posting garbage with your crayons.
-3 Reply
synechist niconaylor
Stop trolling and substantiate your opinion.
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Ok.. This is not technical analysis. Have you noticed he added Fibonacci lines on a 2 hour candlestick? For what? Fibonacci is used as an indicator of entry. He identified zero demand zones nor supply zones. I was taught by several people with over 30 years on the CBOT, NYSE, etc. before algobots took over and it was just all farcry. Identifying waves is pointless. MACD is pointless as it is just a lagging indicator. The only thing that matters is price.

Real technical analysis requires identifying demand zones that haven't been violated, set your entry, and set your exit according to supply zones. And always use a 3:1 risk reward. I'm not about to teach everyone how to trade. That's my job. I will identify garbage when I see it though. And trust me I'm not alone.
-1 Reply
JamesBrown PRO niconaylor
You're so full of yourself that it's beyond funny.
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No Razzle Dazzle-- Just good Demand Zones.


See the above. Notice how you got a strong move out of each one of my demand zones. Yes, it wasn't the end of the bear cycle but I never said it was. All I do is point out good demand zones that are likely to reverse price which is exactly what each of my demand zones did. THAT IS REAL TECHNICAL ANALYSIS. You can use lagging indicators all you want and look fancy but you'll find that your wrong just about as many times as I'm right.
Reply
synechist niconaylor
Thanks for substantiating. Much appreciated.
On the other hand, User10000's analysis is ostensibly *not* intended for identifying trades. It's purely an Elliot Wave theory exercise. All User10000 wants to do is apply the theory to correctly describe price action.

Given the non-perfect predictive power of Elliot Waves, this approach will often be wrong, but hey, I follow these analyses because of their lack of hybridity. It's instructive.
As for the use of Fib ratios, these aid in describing (not predicting) relations of proportion between waves. That's pretty standard EW as far as I've observed.

So yes, in terms of your purposes - i.e. identifying demand and supply zones, this stuff may well be "garbage." But that's just not what these analyses are for.
+2 Reply
oaksacorn synechist
Well said. Thank You. Can we move on now on this issue? OMG
+1 Reply
JamesBrown PRO niconaylor
No. Real TA is discovering strong correlations between past price action and present price direction (e.g. predictive patterns/ correlations between price and numerous, numerous, numerous indicators, chart patterns, price ratio (Fibonacci) reactions, etc, etc, etc), including your "holy grail", support and resistance zones.

You can't tell me that if you can consistently beat the market by using a trading system, which relies heavily on MACD, that it's not real TA. MACD is useful for seeing shifts in price momentum and is one of the most reliable tools for catching bottoms (price divergences - serious loss of momentum towards the end of impulse waves).

You're either a fool, a troll, or a supremely arrogant person if you can say such things, when there are literally hundreds of thousands, if not millions, of people out there who put up consistent profits using the very indicator that you basically say is "garbage".
-2 Reply
drei4u JamesBrown
Hidden Divergence?


Though you can't ignore the hidden divergence
+1 Reply
Very sweet. Thank you for the oscillator on the monthly. Definitely very helpful.
-1 Reply
niconaylor PRO JamesBrown
I have no idea why you think I use MACD

"No. Real TA is discovering strong correlations between past price action and present price direction (e.g. predictive patterns/ correlations between price and numerous, numerous, numerous indicators, chart patterns, price ratio (Fibonacci) reactions, etc, etc, etc), including your "holy grail", support and resistance zones. "

I think you mean to say "trends". That is called 1) Looking at a chart on a Long Time period you easily identify the trend. 2) Then you move to an intermediate to find supply or demand zone depending on the trend. 3) Then identify consolidation and a strong move out of a certain area (fibonacci helps here). 4) Set your risk:reward ratio, Set it and forget it.

You don't know how to trade. :) it's ok not many people here do.

Regards,
Nico
Professional trader now for 4 years. I do nothing else but trade. Just discovered this website. Cheers!
-2 Reply
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