I love this chart and should thank the mana market for making me look good. One thing I like about charts, especially for beginners, is that it settles one's nerves. Tokens drop, a lot, but a chart is a good way for beginners to see the map and not panic...because it is anticipated. I always emphasize to beginners that there are no straight lines, up or down, in trading. And most importantly, don't panic. If you are panicking, you are probably risking too much capital and it is an indication that you are emotionally attached to your trading. I've never been divorced, but I hear emotions will lead to losing 1/2 your money.
You can see this chart from the other day is filling in, perfectly, even as a function of time, relatively. I just circled (red) all the handles. The current one is making the perfect triangle for the next leg up. One thing to note with low volume: triangle (handle in this case) may turn into a short-term descending channel before breaking out...they scare me a little because they can sometimes turn into a trend reversal as a result of the lower volume. I put the descending channel in light blue just to show you what it "could" look like. I am ignoring it for now. These are just ideas and not financial advice.
Lastly, to new traders and tweakers: Be careful. If you are investing and not trading, don't look at the chart every day...you'll go crazy. If you are learning to trade, don't use real money and practice first. There are sooo many methods to charting: E. Wave, Triangles that form ladders, Fibonacci, Clouds, etc...they are all analyzing the same data and for the most part are predicting the same end game. It is important to use several methods as a means of "confirmation" of ideas. The more support for an idea gives the idea more credibility. The cups are shapes of movement, whether the patterns are H&Shoulders, wedges, etc... I choose to illustrate with them because of their sexy curves.
You can see this chart from the other day is filling in, perfectly, even as a function of time, relatively. I just circled (red) all the handles. The current one is making the perfect triangle for the next leg up. One thing to note with low volume: triangle (handle in this case) may turn into a short-term descending channel before breaking out...they scare me a little because they can sometimes turn into a trend reversal as a result of the lower volume. I put the descending channel in light blue just to show you what it "could" look like. I am ignoring it for now. These are just ideas and not financial advice.
Lastly, to new traders and tweakers: Be careful. If you are investing and not trading, don't look at the chart every day...you'll go crazy. If you are learning to trade, don't use real money and practice first. There are sooo many methods to charting: E. Wave, Triangles that form ladders, Fibonacci, Clouds, etc...they are all analyzing the same data and for the most part are predicting the same end game. It is important to use several methods as a means of "confirmation" of ideas. The more support for an idea gives the idea more credibility. The cups are shapes of movement, whether the patterns are H&Shoulders, wedges, etc... I choose to illustrate with them because of their sexy curves.
Comment:
Important to note these are just ideas, sketches. I'm not mapping coordinates exactly. You'll notice that the percentages are slightly off when doubling, etc... For example, the next leg I have a target of $5.06-.07 on the chart. When I go to my "working chart," various indicators all suggest that number is more in the $5.02-.03 range. Do your own homework to make your own decisions. Also note that, it isn't a machine and there are going to be variations in the moment.
Comment:
looks like that descending channel jinxed it. Not really...still within range and heading for a the lower trend line (not pictured) around 3.68 for a bounce.
Comment:
...no change in the chart. Just because MANA and the market aren't skyrocketing right now, I don't see a reason to panic. We knew it would be a volatile season. There is extremely strong support at $3.33 should MANA fall below $3.44. Traders love MANA for its volatility. With an ATR of almost $0.60/daily, yesterday had a $0.48 differential, MANA is acting well within the parameters of its nature. I just keep reading doom and gloom today because the market is tanking. It's not tanking, it's just correcting. It always does. What concerns me more is when the market doesn't correct and keeps inflating. Projects like MANA and ADA are still growing, developing, every day. They're not failing or going away...I think we're good people.
