Disclaimer: This is not financial advice
High leverage trading is all about entries, you need to have patience and to not let fear of missing out drive you into opening rushed positions. Map out your trades in advance and wait for the right entry. Our aim is to capture quick & safe profits, not to predict the future, this is possible only if we plan ahead and wait for a good entry. So if you're nervous and itching to open a position then take a few deep breaths and don't trade!
Ok guys, yesterday I posted a short about link where we got stopped out. My short was based on a count where the triangle seemed to be wave B of the ABC correction. That count has been invalidated today by the break upward. Worth noting here that the link's lowest point in this correction was indeed 12.78, which is very close to wave 4 and ABC corrections generally end around the level of wave 4 of inferior degree. So then why am I bearish on LINK regardless of this? I'm bearish because of the massive triangle formation, triangles generally act as either wave B or as extensions within a bigger wave. In this case, if 19.9 marked the end of wave 5 then this triangle can only be an extension of wave A and the break outwards we saw today is indeed wave B. B waves are tricky and very difficult to trade, they are also known as the bull trap wave, accompanied by the euphoria of complacent/passive traders like hodlers. The flood in "you were WRONG" comments in my previous post is a text book example of this uneducated euphoria of passive traders that generally manifests itself during a B wave. Technically speaking though B waves are weak, for example yesterday we broke out of a triangle but during a normal break out there is a spike in volume. But yesterday, for example, we broke out on low volume. Because of these reasons I believe this is ultimately a B wave aka a bull trap and a C wave is coming, Cs almost always fully retrace Bs. This count is invalidated if the price makes a new ATH.
So where do we look for a short entry? $17 was a good entry earlier today, I have a trade open there with SL 17.6. The entry for my next high leverage short should the current one also be stopped out will be anywhere between 18-18.3, with SL 18.3.
High leverage short Entry: 17-18.3. SL: 18.4 TP1: 12.9 TP2: 11.91
Happy Trading
High leverage trading is all about entries, you need to have patience and to not let fear of missing out drive you into opening rushed positions. Map out your trades in advance and wait for the right entry. Our aim is to capture quick & safe profits, not to predict the future, this is possible only if we plan ahead and wait for a good entry. So if you're nervous and itching to open a position then take a few deep breaths and don't trade!
Ok guys, yesterday I posted a short about link where we got stopped out. My short was based on a count where the triangle seemed to be wave B of the ABC correction. That count has been invalidated today by the break upward. Worth noting here that the link's lowest point in this correction was indeed 12.78, which is very close to wave 4 and ABC corrections generally end around the level of wave 4 of inferior degree. So then why am I bearish on LINK regardless of this? I'm bearish because of the massive triangle formation, triangles generally act as either wave B or as extensions within a bigger wave. In this case, if 19.9 marked the end of wave 5 then this triangle can only be an extension of wave A and the break outwards we saw today is indeed wave B. B waves are tricky and very difficult to trade, they are also known as the bull trap wave, accompanied by the euphoria of complacent/passive traders like hodlers. The flood in "you were WRONG" comments in my previous post is a text book example of this uneducated euphoria of passive traders that generally manifests itself during a B wave. Technically speaking though B waves are weak, for example yesterday we broke out of a triangle but during a normal break out there is a spike in volume. But yesterday, for example, we broke out on low volume. Because of these reasons I believe this is ultimately a B wave aka a bull trap and a C wave is coming, Cs almost always fully retrace Bs. This count is invalidated if the price makes a new ATH.
So where do we look for a short entry? $17 was a good entry earlier today, I have a trade open there with SL 17.6. The entry for my next high leverage short should the current one also be stopped out will be anywhere between 18-18.3, with SL 18.3.
High leverage short Entry: 17-18.3. SL: 18.4 TP1: 12.9 TP2: 11.91
Happy Trading