Last time I told you that we can anticipate another one leg up before the dump, I have even placed short limit order at $17080. Today market gave me the lesson that it’s alive and we shouldn’t place the limit orders. When we place it we trade our convctions and desires instead of market. This is the violation of rule which Bill Williams gave us. To be honest I forgot that I placed this order before the weekend. Market was not volatile and I was scared that the desired move is going to happen during sleep. The current pump was stronger than I supposed and it has changed the local wave’s structure, but overall forecast is the same.
Let’s take a look at the 2h time frame of the WHITEBIT:BTCUSDT chart . I swiched to 2h from 1h because Bitcoin has printed more than 100-140 bars, which is needed for trading chaos approach. Wave 3 is obviously happening now becuase of the highest awesome oscillator value. The price hit exactly the extended wave 3 target of 2.61 Fibonacci extension. It means that market is ready for the corrective wave 4. I am going to fix the mistake I did and close position is the zero profit and open scalp long after that.
When it will happen we have to wait for the last wave 5 to execute short trade. The target for the entry point shifted to $17450 approximately, but watch out the market and trade it, not the convictions. I will tell you my actions under this article.
Best regards, Ivan
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