cryptoplayhouse

VergeBTC Surfing a W4 Pullback Buy Setup

BITTREX:XVGBTC   Verge / Bitcoin
Verge/Bitcoin, 240 minute bars, 041118, 10:11 p.m., EST.

Fast post:
Hello traders, it appears that Verge is on the verge of completing a Wave (4) of lower degree pullback. This is not a particularly high confidence wave count, it is a decent pattern trace If true, there would then be two more rallies remaining. We would see a Wave (5) of bigger Wave 3, then a retracement to within the current W3 to W4 area, then one possibly one more high, if this analysis are correct.

Note that this apparent correction down could still become a zigzag pattern that pushes below the lower triangle threshold line I have drawn, and still be a W4 pullback, thus still bullish

Situation:
1. A valid breakout up out of this
triangle would likely occur at
0.00001270.
2. First target at 0.00001497 area,
3. Second target at 0.00001594.
4. After this up move, a larger degree
Wave (4) pullback into the current W4
area is likely. This shoud be followed
by one more wave up to complete the
5 wave sequence and a larger degree
top, labeled 1, in black font.

This analysis is meant for purely educational purposes, and whether you choose to trade on it or not is entirely on you, for your risk and your liability alone.

PAST TRADE OR ANALYSIS PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
TRADING CAN BE VERY RISKY, WITH THE POTENTIAL OF LARGE GAINS AS WELL AS LARGE LOSSES.

Be safe and enjoy yourself. Make it a great day!

Michael Mansfield CIO,
Trade active: Still no breakout. Lower the breakout price from 0.00001270 to 0.00001251.
Thus far, the pullback has traced out a zigzag pattern, as mentioned as a possibility in the original post above.

Breaking the uptrend channel to the downside, or not breaking above 0.00001251 by 11:59 PM on April 13, 2018, will cancel this trade idea.

Patience is a virtue, and it can be a one of a traders greatest tools. It allows us to wait out a well structured breakout trades, and cancel them it they do not hit the breakout price in the allotted amount of time, or if the pattern changes. This is very important in lower volume markets. We can let the market correct, then show the necessary momentum in the desired direction to take us into a trade. We can set breakout trades as either Good To Cancelled (GTC) orders, or set trades up with a time limitation so that they cancel itself. MM
Order cancelled: This long idea was technically canceled because it did not move above 0.00001251 by 11:59 PM on April 13, 2018, as stated above, that would cancel this trade idea.
Plus, it also broke the uptrend channel that also would CLX this trade idea. Although it did move more sideways initially, it did finally pop up. We will watch this for pullback trades.
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