That was a nice pop and it does look like it could carry through and be the breakout. Everything is on the chart and I most likely made an error with my Elliot wave. Final Note, I do not short Hive and only do long swing trades, just easier and safer with hive. Plus I have a decent size position so I rather it go up then down and today was good. The indicator on the bottom is the Paraeye by kingstevieb and it is good for confirming breakouts, tops and bottoms.
Comment
⋅
I see a lot more positive signs at the higher time frames but there is a lot of resistance at the $5 zone, definitely needs to keep the momentum during Monday and Tuesday. Once it pushes through $5 a revisit of the ATH would be expected. If it pulls back from $5 I would be looking for $4.50 as support and if that holds it's game. next week will be interesting.
Comment
⋅
Comment: At the moment both counts are valid. The blue Elliot wave count means the pump on Friday is the beginning of a new impulse wave cycle. The yellow Elliot wave count would mean that there could one more leg down and the descending triangle is formed (good way to scare into selling). Basically need confirmation before entering a trade short or long.
What the hell hapepend!? I stupidly sold Thursday. I really thought overhead resistance was in with an ascending triangle, but the last 30 minutes shocked me.
Still learning that new indicator! It’s very good for forex but don’t have the hang of it yet.
That was a nice pop and hope Hive maintains the momentum. I felt this week was important in terms of hive overall direction for the rest of the year. Still a lot of work and next week will be important for momentum.
That is unfortunate about the trade but never get upset about missing a trade, especially if no capital has been lost, there will be another trade tomorrow.
It does take time to build the confidence to trust the indicator. After your exams (hope those are going well) take the time to watch David’s videos from last year, they will be very helpful. However, you do have to spend many hours watching and learning, as is par for this business. I have learned the hard way to respect the indicator and take the trades based on confirmation and not get ahead of the trade, bad habits from scalping. As for Hive, as a day trader you have to be careful, especially when there is such a small trading window during the week. Higher time frame swings are going to increase success with Hive and the 45-3 hr time frame is good. A trade trigger is when you have confluence between the 45min and 3-hour time frame - the green crossing the red and blue, the white energy closing above or below the 50 in over sold or bought scenarios. With a stop loss, this is very affective and over time you will learn how to get the most out of the trade and not close too early, and avoid traps using the indicator. Have a good weekend!
DanjaZown
⋅
@picea13, that's a huge problem for me is trying to "anticipate" the trade. Its a habit I really have to get out of!
Thanks for the advice buddy!! I'm going to contineu working at it.
theearlyarchitect
⋅
@DanjaZown, I feel you... was holding a position for 50 days and decided to exit Thursday as well! What's worse than FOMO is actually missing out when you were right there! My blood was boiling for a good 30 minutes afterwards haha... For me however, it was I was simply stuck in a bad trade for too long and needed to cut losses before it got even worse. A new week is coming :)
DanjaZown
⋅
@theearlyarchitect, yeah its "the dance" my man!! We just have to master this beast
Still learning that new indicator! It’s very good for forex but don’t have the hang of it yet.