Well it appears that we have weeded out the weak hands, and are ready to run with the bulls this morning correct? I mean nothing like waking up and seeing the market on an upswing, accounts popping so let's throw in some more cash as we might miss the next run right? No! I'm not so sure the bears have gone back into hibernation just yet. We may want to make a Dash for Cash! No, we don't want to do that either, but we do want to get ready for the fire sale, and be prepared if it doesn't come. Wave 4 corrections are difficult and can be down right frustrating to nail correct. This is not an area I am going to trade with much weight. I am sticking with my core position, knowing regardless of the outcome $500-$550 is the next level. This is where patience and diligence pays off if you stick to your plan is. My overall plan is to hold these for several years. I don't want to be out in any run, as time has shown, that missing one single run can result in 40-60% reduction in returns over time. This is crucial to understand! So let me explain to you younger investors.
Many try and time the markets. However, if if you put your money in the stock market and just held from 1995-2014, (through two very large corrections) you would have had an annual return of 10%. Not bad. If you missed the best 10 DAYS in those 20 YEARS, your returns were cut almost in half to 6%. 20 best days? 3.5%, GET THE POINT! We know one thing, the market is headed up, and we must keep that in mind when we are investing. Trading is a different animal, but as I have recommended often, I have core positions I do NOT sell unless something fundamentally has changed. News on China is not a fundamental change. You must separate Core investments, from Coins you trade. If you have under 5k, I do not recommend trading, or just with a small amount to practice. I mean less than $500. Your new to markets in general, and you need to swim in the shallow water first. Fortunes have been made with $5,000. Ed Seykota is one of them. Turned $5,000 into 16 million over 16 years. You do not want to get to 55 and go, "only if I just invested and held", Do not miss the forest for the trees young investors. Time and compound interest is on your side! Ok enough grandpa speak, onto the chart.
Dash has finished the midterm and short term wave 5's, and a longerterm wave III. This is very much in line with BTC which has in the exact same cycle. We should expect a similar outcome then as well. I have made a comparison of 4 of my top 6 holdings, and you can see over the past month they are trading like we would expect, in unison. Other Analysts are mixed. Some are calling for a further pullback, some calling for a breakout. So I look at the chart and see we have broken through the negative trend channel. This is why I caution going short right now. We could get a retest of the channel and Dash make a run for $500 plus. This is possible. However I am more inclined that the most likely outcome is DASH will follow BTC and correct to the 0.618 fibb retracement of wave III. Keep in mind EW and Fibb are not crystal balls, but they do provide an idea for likely outcomes, and as many have seen is right more often then wrong. However, we must be prepared for either. A break of $375 (level (b)) would lead me to believe that the correction is over and a signal would be a retest of the channel, and break to the upside. If we break back down into the channel then 0.618 becomes much more likely are target where we may want to add a few coins.
I want to thank everyone for their input and comments. As a whole we can work together to make money, everyone has something to offer. I have been given great coins to research on several recommendations and I do research them all even if I don't post. I am new to the cryptos so I do not have the background that many of you do. So please share ideas and together we can make some money!
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I took a closer look at DASH to see if maybe I was missing something and wanted to update the chart with this one. Sometimes you are looking at a small window frame and lose sight of the big picture. Many "feel" it can go up from here, but the lower trend line shows that we have been so bullish above the long term trend that a pullback is quite possible. Many trade blindly, ohh it's going up, ohh it's turning down. When it's important to see what the charts provide as probable outcomes. this is not what I think or feel but what the chart is telling us!
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Yes there are other trend lines but this one is the longer of the time frames that is rising or in the bullish pattern. This is not my prediction, this is what the chart tells us is a probability!
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It is also in line with our BTC chart HMMMMMMM! Patterns are there you can chose to ignore or chost to be aware!
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It does not get much clearer than this!
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I want to disclose as I posted yesterday in the comment section of the BTC article that I have gone long DASH. I will update later this afternoon. As I said in the comment section this is not a signal for everyone to buy, but to be aware of the chart and take a look at the trend and reversal points.
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I updated and replaced this article with a new one. Corrected the mistake on the count as well.
You know what @goldbug1 ,every morning after only 3 hours sleep,i do 3 things.
1.wash my face
2.make coffee
3.read your view
the qualities and your way of delivering it just so good to be true
it helps me a lot running my investment business,just put aside how accurate your prediction,it is just helping so much to improve new way of analizing.
goldbug1
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@furabit, Thanks a lot, I have about the same routine, but 1. is let the dogs out ;) 3. hope i didn't miss something
furabit
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@goldbug1, what do you think on btc for this moment? is it will touching support again then go up? because at this current time i see BTC have recovery to the point before big loss in 16 sept (14 sept).
goldbug1
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@furabit, I did post an update on BTC and then had to clarify it because everyone was just going to short based on my post, most do not understand how to trade a strategy and were thinking just short now and hope it hits the target. So i clarified, my position and have been posting updates as they happen. I still think a larger correction is looming, as the long term trend or wave III just completed, and not many are taking this into account. So that's what I am trading currently with a very small position, and most of my trades at this point are very small as I'm testing different strategies, one in particular I use for SVXY, as it moves similar but not as quick. So I adjusted to 15 minute charts from 30 minutes, and HMA's along with RSI have been testing it. so far about 6-8 trades are successful 2-4% gains. the issue is sleeping at night with open trades ;) haven't found a solution for that!
furabit
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@goldbug1, i succesfully pingpong in this 2 days and gain 12% profit.yeah 3 waves is what it takes.maybe when we want to do a closer look,15 min chart will be better,but when we see it a long way back to big fall in Sept 16,we must give it 1Hr chart and see how bigger trend occurs to see 2-3 days trend from now
goldbug1
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@furabit, yes, i have 1 day 1 hour 15 minute open with graphs and notes on each!
furabit
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@goldbug1, please see my idea on ur BTC post,i used that chart to have 12% profit from 6 times playing pingpong in 2 days.
netadept
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A DASH conference is going to be held on 24 Sept. I know that for you news is a distraction, but for many this is buying the hype for what may be revealed there. Could be we will see a bigger gain on the short term, and a massive dump afterwards.
@goldbug1 im new here almost 5 days only. Also new to cryptomarket trading. thanks for the tips and write ups. I started buying crypto's on Mid of May 2017, 1st currency bought was NEO. Luckily it was the right entry point. it reach to $50 and sold few of my coins(i had 45 coins the price was $17.00) then spread out to other currency. Right now I have these in my position and holding for long term. OMG(66) Neo(15) CVC(400)NAV(121)UBIQ AND WAVES.
Hope i can get a good entry for DASH, AND ETH.:)
1.wash my face
2.make coffee
3.read your view
the qualities and your way of delivering it just so good to be true
it helps me a lot running my investment business,just put aside how accurate your prediction,it is just helping so much to improve new way of analizing.