OMG Gains Looking Highly Likely - OMGBTC fib ratio tight
Generally: This is a limited scope fib retracement, supporting the trend-based extension. I will regularly plot these for 6 or more pairs over the next 12 months in order to complete an backward looking analysis on a series on tools (TA and others), used by many in trading/investing in crypto. Now, on to a description of the current 1 day chart and some commentary.
Fib retracements plotted on various low/high wicks between two date ranges:
7-14-2017 to 9-12-2017 and
12-8-2017 to 1-13-2018
The dotted white lines indicate confluence within each range. In two instances (see notes on left side), there was significant/tight confluence between the distinct ranges.
Shown here, a Fib extension based on the retrace from 7-14-17 to 9-12-17.
My take: deep regret I didn't plot the extension in mid-September and enter limit orders accordingly. Congrats to those who did, as I am confident there's a lot more upside in 2018.
If you take a moment to place a Fib extension based on the 12-7-17 // 1-12-18 date range, you will see an overlap at Fib 50% or OMGBTC 0.002. You'll notice some other interesting patterns and consistencies as well.
This is an instance whereby one could have blindly traded using this very basic tool and actually made considerable gains. If only we could identify the assets that play by the rules. If anyone has figured that out, lemme know ASAP. ;-|
No advise here, other than to look elsewhere for advise. Thoughts and criticisms, however, are welcome.
Fib retracements plotted on various low/high wicks between two date ranges:
7-14-2017 to 9-12-2017 and
12-8-2017 to 1-13-2018
The dotted white lines indicate confluence within each range. In two instances (see notes on left side), there was significant/tight confluence between the distinct ranges.
Shown here, a Fib extension based on the retrace from 7-14-17 to 9-12-17.
My take: deep regret I didn't plot the extension in mid-September and enter limit orders accordingly. Congrats to those who did, as I am confident there's a lot more upside in 2018.
If you take a moment to place a Fib extension based on the 12-7-17 // 1-12-18 date range, you will see an overlap at Fib 50% or OMGBTC 0.002. You'll notice some other interesting patterns and consistencies as well.
This is an instance whereby one could have blindly traded using this very basic tool and actually made considerable gains. If only we could identify the assets that play by the rules. If anyone has figured that out, lemme know ASAP. ;-|
No advise here, other than to look elsewhere for advise. Thoughts and criticisms, however, are welcome.