Okay, the wave count get blown out, stops are hit... losses are felt and perhaps some confusion as we stare at the chart and must listen to what the market has so clearly told us: You were wrong. Well, get used to it... So, now what? Well, I can only offer my experience from trading this type of methodology over many years. First, I take all wave counts off the charts. In my experience, wave counts are always "secondary" to Fib retracements and projections. When we can blend the two together, there can be real advantage when it happens; when to press, when to add but most importantly, where to know when the market has proven your assumptions wrong. Looking at the charts now, I do not see a trade "yet" with any advantage to be applied. We "can" see a critical price point where we may see the markets hand. That will come when we test the 50-61.8% resistance at the outside edge of the channel. Until then, we only know that the long term support on the 12hr has help for the time being. I'm a fundamental and long term mega-bull on Ethereum but until I see more clarity in this chart... I'm on the ETH sidelines.
I too appreciate your knowledge. As someone who mined 300+ coins, would you hold through this or sell out at the $190 area?
tradedevil
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@FreakonaReef, I think you can hold as long as we stay above the $164 level. If we break that, we may be headed for $104...
thetazeta
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Wise words here. I'm out on the sidelines till there's more clarity as well.
mbyz
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great work what your experience says buy at 192 or wait
tradedevil
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@mbyz, You could take a flyer there. I'd keep the size small and I'd go down to a smaller time frame to look for a good entry point... If you get a good launch there will be places to add. Approach with caution though... Volatility is friend and foe.
Was waiting for your post regarding ETH. Very honest and sensible post. Thanks for sharing a piece of your mind with us, helps a lot to learn the psychology of trading from someone with experience.
tradedevil
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@ignacio560, Thanks for the words... We're playing the long game and sometimes the best place to be is out of the market.