@BishUK, You know when you study to much it makes you doubt yourself..... I wish I hadn't started this. Can I just confirm your last BTC chart, the wave count in yellow, from what Ive read if it doesn't pass the top of wave 3 (about 7k (which I called double top)) its bull truncation and becomes point B of the correction wave. That would in turn make the low of $3800 point A, where would you class point 0?
This would've been easier with a chart, is there a way to send a chart between us rather than public?
Cheers
BishUK
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@Roly_uk, I totally know what you mean it can be very overwhelming at times. how long have you been learning to trade and have you always been using elliott wave?
firstly if you look close wave 5 did just brake the high of wave 3 so technically its not a truncation. secondly even if it didn't brake the high and it was a truncated 5th the correction would follow as normal with the A wave starting from the wave 5 high. <--- chart to illustrate.
to your second point have a look at this chart and hopefully that answers your question but feel free to ask another if not.
if you look next to the publish button you will see an icon of a camera. you can take a snapshot of your chart and it'll give you a link. you can post them to me under my ideas or in a private message if you like.
Roly_uk
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@BishUK, Hi
I first heard about BTC around Sept 2017 @ about 4k. I took a course with Chris Dunn and was in their trading group for about 6 months. I probably traded with about £3k spread out over about 10 alt coins but was shit at taking profit and stop losses but did ok. Then came the crash and I hadn't experiences bear trading and tried to trade it like bull trading hence I lost money and became a bag holder of a load of shit. Work got busy so I stopped trading but kept my eye on it and tried to hone my skills. I started watching Philakone on youtube and the next thing was all I could do was try and find Elliot waves in everything and I got alright using the little I'd picked up from him along with the basics (fib, moving avgs, trend lines etc) from Chris. Now I'm waiting for a house to sell before I have money to put back into crypto (which is getting fucked up with this covid malarkey). I don't want to be a day trader and I don't want to be spread all over alts again because I'm not the best at managing trades. I just want to follow the waves and look for good mid term swings on stuff that can't be moved easily by whales. I was kicking myself when we hit $3200 because I expected it but didn't have the money so now I'm watching and hoping I'm right that I'll get another chance. I'm absolutely long term bull on BTC so if I can get one at less than 5k then I'll be a happy man.
Here's my chart that I had, I think it mirrors yours. So what's your story, how long have you been trading and how long have you been using Elliot wave to trade?
BishUK
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@Roly_uk, sorry for the late reply mate been crazy busy here.
yeah man i hear you, i had a very similar experience. i first come to crypto and trading in 2017 around the same time, i think it was just about 3k at the time.
one of my best friends is an IT technician and we had set up mining software on our computers years ago but never ran it after the first day really (what a mistake that was). it was when eth first came around that we decided to set up some mining rigs, which were making us something like £100 a week in bitcoin (using nice hash).
as soon as i found coin market cap and started tracking the prices of everything that i got hooked on the idea of trading. i spent 2 years in hard obsession leaning to trade, reading books and watching vids with all my free time. now my focus is narrowed to elliott wave and some other basic price action but i wouldn't consider myself a pro or anything.
i think blowing up a trading account is a right of passage for a trader so i wouldn't feel too bad about it, i've done the exact same.
i've also moved to trading on a longer time horizon too lately. i've found that the smartest way to trade is to look for Elliott wave setups that complete at major weekly and daily support/resistance.
but i do try to catch samller moves when i have time and i found that with elliott wave, i really learnt a lot when i was day trading the small time frames. the feed back loop is faster because your seeing waves playout at a quicker rate.
I'm also long term bullish on bitcoin, and i think at this point one of the best approaches would be to dollar cost average and build a hodle stack. even a great trader will have a ver hard time beating a buy and hold strategy if btc enters a bull market. thats my plan with a small account to trade on the side.
yeah we basically have the same chart, but elliott can be a fucker and you can normally have a few counts that would work so its important to keep risk in check and not over commit to an idea.