Many times charts do not provide us with great EW counts, or other indicators that we use just do not seem to work. So as we have made a nice 50% profit on Kore since out buy, we need to see if we should take some money off the table or there is the potential for another leg up. This you have to monitor closely as we have seem to be entering a sideways movement, so I looked back at the chart to see if i could see what history says when we made this same type of movement. There it is at the beginning of June. Now this is a blip on the upper chart so we zoomed into just before the wave 1 rally. You can see at the time we made a similar move and even the RSI (adjusted) has a similar pattern but more key is the dip right before the breakout.
History often repeats itself, and parallels exist. We must dig for them, do our research and be diligent about monitoring our coins IF we want to be successful. If you are following the news you are probably bewildered at the selloff yesterday. You were not prepared because your twitter feed was blank! Markets are cyclical, and all markets have runs, corrections, consolidations, and the cycle begins again. If you diligent you will be able to spot these and or at least have a plan in place to RATIONALLY adjust your positions. But Kore ignored this news crash, and continued along it's pattern into a tight consolidation.
So instead of just selling 50% of my Kore position to lock in profits I sold only 25%. This is critical money management. Never leave money on the table you do not need to. This has reduced my overall cost per coin position, and allows me a wider range to apply stops. But looking at what happen before the first large wave up 1. I am going to continue to monitor Kore and see if we can squeeze a little more juice out of this one as it has held up better than most. Trends are your friend, and they seem to repeat more often then not!
History often repeats itself, and parallels exist. We must dig for them, do our research and be diligent about monitoring our coins IF we want to be successful. If you are following the news you are probably bewildered at the selloff yesterday. You were not prepared because your twitter feed was blank! Markets are cyclical, and all markets have runs, corrections, consolidations, and the cycle begins again. If you diligent you will be able to spot these and or at least have a plan in place to RATIONALLY adjust your positions. But Kore ignored this news crash, and continued along it's pattern into a tight consolidation.
So instead of just selling 50% of my Kore position to lock in profits I sold only 25%. This is critical money management. Never leave money on the table you do not need to. This has reduced my overall cost per coin position, and allows me a wider range to apply stops. But looking at what happen before the first large wave up 1. I am going to continue to monitor Kore and see if we can squeeze a little more juice out of this one as it has held up better than most. Trends are your friend, and they seem to repeat more often then not!
Comment:
Thanks for reading, and if you don't hear from me after Tonight our electricity is out. We are in the direct path of IRMA. If you think about it today and tomorrow, please say a prayer for the families that are facing an oncoming disaster and those in Houston that have are recovering. God Bless!