This is how I see the wave between the lower and high timeframes. the ABC taking on individual alternating structures on the smaller level to create the downtrend correction. If this is the case, the price just has to fall below 0.00011043 before the corrective wave can be completed and the uptrend motive impulses can begin.
Please let me know if you see anything wrong with this.
I think breaking down a Chart with two coins in it is monkey business. An upswing in this chart can happen due to a more valuable TRX just like due to a less valuable ETH. But at the end of the day you should be interested in gaining Dollar, not in gaining ETH, I'm wondering that nobody seems to care about this.
VincentCoraldean
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@treirabigereugen, while that's true it's equally the case with all currency pairs. Crypto pairs are more volatile yes, but with greater risk comes greater reward. ETH is massively likely to appreciate quite a lot more than the dollar this year (possible 500 or 600%) - so I would always be happy to make ETH profits because that, this year at least, will guarantee larger dollar profits.
treirabigereugen
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@VincentCoraldean, I got your point, but it leaves me confused. Isn't something like a symmetrical triangle in the TRXETH-chart just a coincidence and not a real sign of the market? Some tops maybe came as a result of ETH losing value, some bottoms maybe came as a result of TRX gaining value. How is that a good basis for technical analysis? When it comes to fib f.e.....I don't see how fib-levels can be used in a chart like TRXETH. Thank you for answering, this "problem" really leaves me confused since I'm art of the cryptoworld
VincentCoraldean
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@treirabigereugen, oh yeah I see, sorry I kind of missed your point didn't I. Let me go again: I use this chart because I trade ETH but also, any chart will follow the finite limitations of how a structure can develop. Of course, this chart would differ to the USD or BTC chart if there came a big movement in those currencies or ETH relatively..... but all charts would still be valid for this kind of wave analysis because they are based on data sets within the real market. Pretty much all waves (sound waves, ocean waves) move in motive waves and correction waves, comprised of impulse waves and corrective structures. It's the analysis of these themselves that forms the basis for understanding wave dynamics and can lend very well to the matter of trading any currency. There are plenty of times, for instance, where the price action can move very counter intuitively to a news announcement. A good wave analysis can usually detect that early, and either eliminate certain price action movements or at least offer a narrower margin of error. I haven't used any fib levels here in this chart, but I do use them with TRXETH because I do believe in the universality of Fibonacci and they still work usefully as price action landmarks either way.
treirabigereugen
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@VincentCoraldean, you're right, fib levels still seem to work and I yet thought this is due to the universality of FIB, too. But it's kinda hard to believe. It makes me think that it doesn't really matter wether I look out for trading signals in TRXUSD (if that would be possible ;)), or in TRXBTC or in TRXETH. This leads to another question: Does it make sence to buy TRX for ETH when I find signals in TRXBTC?
VincentCoraldean
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@treirabigereugen, it is hard to believe, I agree. I am a bit of a philosopher, a bit of a quantum geek, I like the stuff that touches the unknown and I think you have to be to want to study wave analysis. I think you need to believe in a hard-coded reality where all things must obey certain principles which govern each other. In a way, fibonnaci being universal makes a lot more sense if the electrons in the universe interact with each other the same way transactions on the blockchain do. In any case, in answer to your question, I would say it depended on the type of position. If you are leveraging and absolutely need to buy in the market you intend to sell in (or reverse as the case may be), then yes, you should always go with the market you observe flags or signals in. Although, if you are intending to own the coins on an exchange like Binance and ride up the value then it doesn't matter since you can buy with the most cost effective currency that day and sell later in the best currency. You just have to see it from the sell side from the start in that sense.