ETHBTC Short Term Elliot Wave's target reached, exit short
This is where I closed my short order for ETH/BTC in my Short-term speculative portfolio.
Reason.
I use Fibonacci and Elliot Waves analysis for my speculative portfolio and ETH/BTC has reached an acceptable target for what seems to be a minor wave B inside an intermediate wave 4 inside a primary wave C. (Which is most likely inside of a major wave 2)
For my short term speculating, I opened a short position on 23 June 2016 at 0.02188 and I have closed my position at 0.178 btc on 4 July 2016
From here I predict the minor C to end at no more than 0.19, else the analysis will have been wrong and will have to correct my predictions. OInce minor C in inter. 4 is over it'll be time to open a short position again.
/* Elliot Wave analysis shows many possiblity, I am only acting on the probability of a trad goin more my way than not, there is always a possibility that I will be wrong and have to change my analysis. This is just a documentation of my actions. */
And, no I did not open a long position at this point as the overarching trend is still a down trend and my policy is to never go against the next degree's trend.
Reason.
I use Fibonacci and Elliot Waves analysis for my speculative portfolio and ETH/BTC has reached an acceptable target for what seems to be a minor wave B inside an intermediate wave 4 inside a primary wave C. (Which is most likely inside of a major wave 2)
For my short term speculating, I opened a short position on 23 June 2016 at 0.02188 and I have closed my position at 0.178 btc on 4 July 2016
From here I predict the minor C to end at no more than 0.19, else the analysis will have been wrong and will have to correct my predictions. OInce minor C in inter. 4 is over it'll be time to open a short position again.
/* Elliot Wave analysis shows many possiblity, I am only acting on the probability of a trad goin more my way than not, there is always a possibility that I will be wrong and have to change my analysis. This is just a documentation of my actions. */
And, no I did not open a long position at this point as the overarching trend is still a down trend and my policy is to never go against the next degree's trend.
Trade closed: stop reached:
Switch my bias back to short.
Short-term: not holding anything
Medium Term: Still holding on to a short position
Long term: not holding anything
Short-term: not holding anything
Medium Term: Still holding on to a short position
Long term: not holding anything
Brace for a move back to C, might consider exiting a mid-term short