ERD is moving down the channel - Wait for Rebuying oppurtunity
Everything in the chart. If I am the market maker for ERD I will not let it reverse until I rebuy the coins at the IEO price.
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It is a break above 45 sats confirmed by consolidation at that level without the volume level falling. Entered at 49 sats
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The first candle in the above chart which shows the price level 4 sats has been missing in the new chart of trading view. Does anyone have any idea about why this happens with trading view?
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ERD token trading competition Promotion period: 2019/07/13 0:00 AM to 2019/07/20 0:00 AM (UTC). Does anybody have idea about how a trading competition works? Does the price keep increasing till the end of the period?
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Added 25% more capital to this trade at 57 sats. I am just following the trend. Currently testing 65 sats resistance. It it breaks this level the only resistances I can find are psychological - 100 sats and 150 sats
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Normal to have a bounce at its global resistance 65 sats. currently consolidating at 55 sats. Panic selling at this point is not a wise step. This market has a lot of rally to do.
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For those who are nervous or impatient with the price action of ERD, here is a relief I can provide. The long consolidation at its global resistance indicates that people are ready to buy at those higher prices. Also the longer it consolidates the stronger support zone it becomes after rallying higher. Be patient.
A look at how the resistance and consolidation at 100 sats will now be acting as an accumulation zone.
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The above example is of MATICBTC
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In the main chart of this post I said that if there is a break above 45 sats, it signals trend reversal. It did and so I stayed with the trend. I didn't place a stoploss for this trade. I am sticking to my trading plan which is to capture 100 to 200 % swings. The current price is at 45 sats. So I am having a 10% draw down on my first entry and a 21% drawdown on my second entry.
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Reasons why I didn't short this trade -
1)My trading setup signalled uptrend.
2)The first wave topped at its global resistance which shows the buying pressure. So I cannot have a bearish outlook.
3)Wave 1 gathered a lot of volume which stayed till it peaked.
4)The psychology of wave 1 and 2 in a bear market. I will share this in the next update.
1)My trading setup signalled uptrend.
2)The first wave topped at its global resistance which shows the buying pressure. So I cannot have a bearish outlook.
3)Wave 1 gathered a lot of volume which stayed till it peaked.
4)The psychology of wave 1 and 2 in a bear market. I will share this in the next update.
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I am copy pasting some content from Stockcharts for a quick read.
The Personality of Elliott Waves
Wave “personality” is the reflection of mass psychology acting in the market - the emotions that flow from optimism to pessimism, creating the market structures we frequently observe. The personality of each wave type is the same whether it is a higher-degree wave or a lesser one. This section will expand on the characteristics of some of the waves. Please keep in mind the eight-wave cycle when going over this section.
First Wave (Wave 1)
About half of the first waves seen are part of the basing process and tend to be heavily corrected by Wave 2. Many people feel that this is one more opportunity to trade in the direction of the previous trend, and, if that was down, many will sell short. However, market breadth and volume will subtly increase.
The other 50% of first waves will rise from large basing price movement formed by the previous correction. These tend to be dynamic and only moderately retraced. This is a good probable spot to have a Wave 1 extension.
Second Wave (Wave 2)
Second waves tend to retrace so much of Wave 1 that most of the profits gained are eroded, usually ending on low volume and low volatility. In a bear market, this indicates a drying up of selling pressure. However, during Wave 2, most investors are convinced that the bear market is here to stay.
Third Wave (Wave 3)
Third waves tend to be strong and broad. They are typically unmistakable, as confidence in the direction of the new trend is clearly evident. Wave 3 usually generates the most volume and price movement, and they are the most likely wave to extend. The third wave of an extended third wave will likely be the most volatile point of strength in the new trend and things like price breakouts, continuation gaps, volume expansions and increased breadth will accompany it. In Wave 3 for a stock index, nearly all stocks will participate. Because of the dynamics of this wave, it will provide the greatest clues to the correct wave count as it unfolds.
Source - school.stockcha...ts.com/doku.php?id=market_...
The Personality of Elliott Waves
Wave “personality” is the reflection of mass psychology acting in the market - the emotions that flow from optimism to pessimism, creating the market structures we frequently observe. The personality of each wave type is the same whether it is a higher-degree wave or a lesser one. This section will expand on the characteristics of some of the waves. Please keep in mind the eight-wave cycle when going over this section.
First Wave (Wave 1)
About half of the first waves seen are part of the basing process and tend to be heavily corrected by Wave 2. Many people feel that this is one more opportunity to trade in the direction of the previous trend, and, if that was down, many will sell short. However, market breadth and volume will subtly increase.
The other 50% of first waves will rise from large basing price movement formed by the previous correction. These tend to be dynamic and only moderately retraced. This is a good probable spot to have a Wave 1 extension.
Second Wave (Wave 2)
Second waves tend to retrace so much of Wave 1 that most of the profits gained are eroded, usually ending on low volume and low volatility. In a bear market, this indicates a drying up of selling pressure. However, during Wave 2, most investors are convinced that the bear market is here to stay.
Third Wave (Wave 3)
Third waves tend to be strong and broad. They are typically unmistakable, as confidence in the direction of the new trend is clearly evident. Wave 3 usually generates the most volume and price movement, and they are the most likely wave to extend. The third wave of an extended third wave will likely be the most volatile point of strength in the new trend and things like price breakouts, continuation gaps, volume expansions and increased breadth will accompany it. In Wave 3 for a stock index, nearly all stocks will participate. Because of the dynamics of this wave, it will provide the greatest clues to the correct wave count as it unfolds.
Source - school.stockcha...ts.com/doku.php?id=market_...
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I do not know if there is still someone reading my updates. Is so, consider my articles as a diary or a record of my trades and my analysis(also my mental state) as the trade goes through.
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Possible scenario for short term traders
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Our current wave 2 is a sharp type correction. We can expect our wave 4 to be a flat type correction. You can read about these two types of correction in the stockcharts link I gave above.
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IMO wave 2 has been finished. Am waiting for wave 3.
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Pump is inevitable
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Serious accumulation is going on
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Trade closed manually
