Here is a detailed set up for trading inside the current BTC consolidation pattern.
Rather than identifying all of the Elliot Wave detailed counts, the key is identifying where Wave C ends. Wave Cs always have five wave structures that are much easier to identify than other complex corrective wave patterns.
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Let's zoom out of the charts and examine the psychology behind every market cycle.
This Wall Street cheat sheet was published long before Satoshi Nakamoto was known. Looks familiar?
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These are another 2 quick scalps utilizing the "Take Profit" Signals. These signals identify local minimum and maximums. If the larger trend (4HR) is opposite from the 1HR trend, we have a high chance of profiting from a quick scalping position.
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There is likely another leg down to the triangle support. While laddering positions in the zone above, we are still waiting for a clear 5 wave structure to the downside as the signal for major positions.
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There are several Elliot Wave possibilities for the end of the triangle. However, the zone of laddering does not change. Patience is key.
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This is another scalping on the short side utilizing the "Take Profit" signals.
Key to entering these positions:
1. "Take Profit" signal present
2. 1HR trend OPPOSITE from the 4HR trend
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We all know BTC is in the symmetrical triangle since late June this year. Where are we going next? Which wave are we on in the triangle?
We believe the next major BTC movement is coming soon with an upward bias. Symmetrical triangles generally form as the 4th Impulsive Wave, which is followed by another wave
in the same general direction. Detailed wave counts...
Again, this is a quick scalp using the "Take Profit" Signal. The signal is great for quick scalps when the 1HR trend is opposite from the 4HR trend.
We've closed the position as we believe BTC is still in the B corrective wave upward.
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Waiting for the B corrective wave to finish to enter the short position.
We are likely to enter a short position for alt-coins instead of BTC as lots of them are a lot more overextended compared to BTCUSD .
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As mentioned in the prior idea, BTCUSD needed a 5th Elliot Wave to push the 4HR RSI to the overbought territory. Once that upward motion is finished, we are well set for a short position.
We are currently in an open short position for ETHUSD and will ladder more in the 171.5 - 173 range. We suspect there is another corrective wave downward.
When the larger time frame trend is opposite from the smaller time frame trend, it is the perfect opportunity to use the "Take Profit" Signals for quick counter trend scalps.
We currently have a bias to the long side given the following BTCUSD behaviors:
- BTCUSD 1HR is consolidating close to the EMAs (21,34,55) which is generally followed by another movement in...
Short position recovered given
- BTCUSD 1HR is still in a bull trend & close to EMAs
- ETHUSD 1HR candles appearing bullish
- Both BTCUSD and ETHUSD 4HR still in bull trends
- Go long if ETHUSD 1HR Performer gives a long entry while ETHUSD 4HR is still in a bull trend
- Go short if ETHUSD 1HR Performer gives a short entry with BTCUSD Performer short...
Recommended Use for the Performer:
- Time Frame: 1HR
- Asset: Large cap crypto assets.
For lower risk tolerance, we recommend using the indicator on ETHUSD. For maximizing profits, we recommend using the indicator on BCHUSD.
- Position sizing:
Larger position if the 1HR signal is in the same direction compared to the 4HR trend.
Smaller position if the 1HR...