The Andrews Pitchfork shows the slope of price very well. On this Pitchfork I think that the 25 and 75 lines are much more important than the Upper parallel. Unfortunately I was away from my computer when it spiked (when Japan and Korea wake up) and I did not have a take profit order . But you can see that it got support from the 75 line of the pitchfork. A return to this line would be a good entry point. Enter at 146 with stop at 143.
The first currency in the pair is the Base currency. The second the quote or cross ETH was my favorite holding currency and where I held my reserves. So I charted all my trades against this. If the currency was not expected to out perform this. However has had a great run . But on January 11 I noticed a divergence between ETH and NEO . You can see from the photo that Neo is climbing up the slopes and ETH is capped by the same slopes. Of course if this changes then I will change . It is about following the capital flows. Note the recovery in NEO after December 19. Compare this with BTC Current target is 200. To be revised
Trade active
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Above sentence should read- If the currency was not expected to outperform ETH then I would not take it. In other words XXXETH should be an upwards slope
Comment
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Perhaps a Schiff pitchfork is better than an Andrews pitchfork in this case. When charting currencies metals and stocks I rarely use a Schiff pitchfork, but one pattern that I see frequently here is a breakout from a Schiff pitchfork followed by a retracement to it and sometimes through it. This happened with XVG, TRX, ADA to name a few
Trade closed manually
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Momentum was extreme and I felt that I should get out at this point, since I will be away from internet for 12 hours. I think that this trade has a little more to run. Don't get greedy. The trade as posted here earned 23 percent in 12 hours
Trade closed: target reached
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We traded 197 which was very close to our target of 200.
good call. can you update with an re entry point. thanks
a1Keith
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@roshansoyza,
Hi, I think that I will be trading crypto very little for the next 6 weeks. See the article that I published on Gold/Bitcoin today.
I believe that we will have a consolidation and contraction of the market for the next few weeks, followed by a gradual recovery