IvanLabrie
Long

ETHBTC: 2 day timeframe in control

POLONIEX:ETHBTC   Ethereum / Bitcoin
8 months ago
In this chart I'm analyzing the time at mode trends present in this pair.
The trend is clear, we have potential of further upside, and we happen to be long as well.

If you're not in this trade, you could enter in a myriad of ways. Even if we happened to get a mode retest, we could still maintain a bullish bias, unless there is a break down with sufficient momentum to take out the previous low perhaps.
I see many are looking to short it, which reinforces my point here.

Good luck if you're in this trade, or looking to go long.
Keep in mind ETH has a habit of outperforming my expected targets, so, don't place any take profit orders (I wouldn't even place stops and just own coins, no leverage...and exit manually if it fails)

Cheers,

Ivan Labrie.
8 months ago
Comment: I didn't place a stop loss on chart, but if going long at market, give it a 15% room to the downside, as safety net. This lets you calculate position size, based on your risk appetite. If you want to risk 1%, you'd spend 15% of your trading capital, buying coins with no leverage now and exit if 15% lower.
8 months ago
Comment: Sitting a the mode support, not take off yet.
Remains bullish while above this zone.
8 months ago
Comment:
snapshot


New 14 bar mode on close.

Rgmov readings are indicating that the sentiment for ETH is currently bearish, but the chart is set up like an uptrend, although currently stuck in a consolidation.
8 months ago
Comment: Back at the support. This is where buyers should step in, else, if trading below 0.02041, the ETH rally will be in serious question.
7 months ago
Comment:
snapshot


A close above the level we're at might indicate buying pressure.

Monitoring the time and price targets for the downtrend signal created after we dropped below the 2 day chart mode.
7 months ago
Comment: Next week is the 5th one without a new high. If it closes under the weekly mode from the high, buyers are in trouble.
7 months ago
Comment:
snapshot
7 months ago
Comment:
snapshot


Selling has been absorbed, as depicted, 0.015-0.02 was the buy zone.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
DanRoth
8 months ago
Looking pretty bearish to me...down to 200 before we make a significant climb and break through 300 barrier. The volume is minimal. Buyers exhausted.
+1 Reply
IvanLabrie TOP DanRoth
8 months ago
What makes you think that?

I don't any sellers, anywhere.
Reply
DanRoth IvanLabrie
8 months ago
We never broke the B leg up. I believe we are going to 200 at the lowest before we make any real move to the upside. Elliott waves. Plus I see sellers now. Not trying to be petulant. That's my analysis, nevertheless. Happy trading. :)
Reply
IvanLabrie TOP DanRoth
8 months ago
Ok, post the chart here so I can see. I don't use Elliott Wave analysis, and if I do, I'd try to use Neowave, but I'm a beginner at it.
Cheers.
Reply
DanRoth IvanLabrie
8 months ago
No need for fancy indicators. I trade price action and Elliott Waves and it's never been easier to trade IMO. Not sure if you are familiar with Elliott waves, nut typically it's 5 legs to the upside with odd numbers making move to upside and even numbers slightly retracing. After 5 legs up we make a correction by retracing with typically 3 legs down, "a...b...and c." This time around it's an irregular correction and thus I believe we have yet to see a d and e leg down before an initial rally to the upside. The rally can only be confirmed when we break the B leg and we haven't done that. I believe we haven't managed to break the B leg resistance because we never really retested the A leg down. As a result, I believe we must retest the A leg before buyers flood the market. You can also see from the chart that volume is abysmally low, further proving we are in NO rally at all; on the contrary, we are retracing. I hope that makes sense. For further reading on why Elliott waves are such an efficient indicator of price action research "fractals Mandelbrot set and Elliott waves" in one search query. Elliott waves are essentially the way a market breathes.
snapshot
Reply
DanRoth DanRoth
8 months ago
*but
Reply
IvanLabrie TOP DanRoth
8 months ago
I'm very well familiarized with Elliot Wave, and have started studying Glenn Neely's Neowave method (which is a considerable improvement over the traditional one, which has too few rules to be objectively used, imho).

No need to re-explain it here. :p

I think your wave 1 is strange, it could be 5 waves up, but even then, it could be wave 1 and now 2, who knows.
Could also be some ABC and now we're in B, I'm not too concerned with wave counts.
The sellers aren't sending price down, and we had a very sharp uptrend, and now forming a consolidation.
So, why would it break down?
I'd need proof that the sellers are dominant and that the turn is turning around, which I'm not seeing.

I analyze price action bar by bar and try to understand what the market makers and the crowd are seeing in the charts.
The method is called time at mode, you can check Tim West's chatroom here to learn more about it if interested, and please check my previous publications using it, it can be a very precise forecasting tool.

http://pastebin.com/8uruiCMT
Reply
IvanLabrie TOP IvanLabrie
8 months ago
*that the 'trend' is turning around
Reply
DanRoth IvanLabrie
8 months ago
Thanks a lot, Ivan. I'm gonna read up. Much appreciated. Any constructive criticism is more than welcome. And pointers are happily accepted.
+1 Reply
IvanLabrie TOP DanRoth
8 months ago
There's only so much I can comment on someone else's chart.
Technical analysis, is a matter of belief systems. You either subscribe to one, or you don't.
But there are some personal qualities involved, to be able to trade.

I'd reccomend checking out Van Tharp's material, in particular his book 'Trade your way to financial freedom'.
He has a host of useful material. That, 'Trades about to happen' by David Weis, 'Markets in profile' by J. Dalton, 'Reminiscences of a Stock Operator' by Edwin Lefèvre and 'Alchemy of Finance' by George Soros are reccomended reads if you ask me.
+1 Reply
DanRoth IvanLabrie
8 months ago
Awesome...Thanks for the tips, Ivan. I'm going to check them out.
Reply
DanRoth IvanLabrie
8 months ago
Another chart I drew. Let me know what you think of both of my analyses. Agree or disagree? Why?
snapshot
Reply
IvanLabrie TOP DanRoth
8 months ago
I don't really use trendlines like that.
I don't like using extreme highs or lows only for support and resistance.
Rsi is finding support there at 40, that is bullish btw.

Try a higher timeframe, this instrument is pretty illiquid.
If you're trying to forecast a larger move in it, whatever you observe on a 4h chart won't be too illustrative of the bigger picture.
Reply
IvanLabrie TOP IvanLabrie
8 months ago
Another thing, if you're using alligator and fractals, honor Bill Williams and use his 'awesome oscillator' too.
+1 Reply
DanRoth IvanLabrie
8 months ago
What is the one you have?? I can't find it in the built in or public library.
Reply
IvanLabrie TOP DanRoth
8 months ago
It's a proprietary indicator, you'd have to first, #1 learn how to use it, #2 subscribe to Tim West's 'Key Hidden Levels' indicator pack. (some $20 bucks per month, worth it if you understand how to use them).
Cheers.
Reply
DanRoth IvanLabrie
8 months ago
Thanks, Ivan...I'm going to study up hard before I go hard on Tim West's vision of the market. I've always been a fan of fractal geometry and I think we see a lot of the same arithmetic involved in the market.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out