mljones

mljones

Most of my charts have been bearish on cryptos, I've been expecting a correction to $7k or so before a run back to the teens. However this pitchfork on the total marketcap of all cryptos shows that we are hugging a long term support trend line. The two usual targets on the pitchfork are the median line and the hagopian line. If it turns out to be bullish then...

mljones

This chart shows the market cap of alt coins divided by the market cap of bitcoin. When it's above the linear regression line alts are probably overvalued. Right now we're at a point where btc is basically flat with very little volume while alts are flying high. This seems suspect to me. I actually have been scalping alts long a bit since there's nothing else...

mljones Updated 

After the big news over the weekend cl defined a range using an impulse wave. It is now probably going to spend a bit of time on price exploration and will fill in the volume profile of the range. I am not looking for setups that require price go outside 63.39 to 58.79 for the next few days. Even the oil report tomorrow might have a hard time getting out of this...

mljones Updated 

Expecting a big shakeout in alts if btc goes below 9800. I think there are a few alts like eth, ltc and bnb that can be considered quality. Virtually all other alts are going to experience strong market rejection because they are mainly hype. This chart shows the market cap of everything except eth and btc. I expect it to have a downward trend for the...

mljones Updated 

At edge of pitchfork extension and poking into bottom area of prior downward pointing wicks. This is a very good area to watch for momentum weakening and head and shoulders patterns, but plan is to take most profit off at necklines. BTC is not especially bullish and is actually looking like it could roll over toward the center of the triangle below. That would...

mljones Updated 

I have to focus on futures at the moment but this looks like a candidate for a right shoulder. I had a small trade during the weekend where I scaled in at the head region and was able to scale out about half ad the 1543 neckline but then it came back and I was dumped the rest at break even. Because BTC and this are choppy I only want to trade this if it gives a...

mljones Updated 

CL had been in a triangle squeeze and looks like it broke out. A strong setup for a swing trade is to be aggressive about buying if it tests the top of the triangle and the upward pointing wicks. Intraday looking for setups that suggest day long runners. Intraday will have a bullish bias but also expecting some strong attempts by the bears to push price back to...

mljones Updated 

Using pitchfork on monthly chart to find where eventual long term pullback is likely to be on gold.

mljones Updated 

Looking for an area to add to a swing short on this I entered using the attached chart. Using a pitchfork seems like it might provide a framework for catching a potential head and shoulders pattern while it completes wave 4 before entering wave 5 that swings below the recent .014 low. I think as long as BTC is flat it's going to make people get bored with alts...

mljones

A trade like this is a long way out but making notes for it in case it does happen. A tag on the long wick from july 16 would be a good place to look for signals to short bnb. Keeping this on my radar especially if btc turns south again into the triangle. Using pitchfork extensions to find area for pullback. Longer term I am bullish on bnb but while btc is weak...

mljones

Watching for head and shoulders at support/resistance formed from tagging bottom wick of prior congestion area. Would be interested in right shoulder short not the head.

mljones Updated 

Missed script signal earlier today which would have gotten me into this short. There's maybe still room to get in at about 1.6016 to give an ok rrr with a target at the weekly SR. Watching to see what happens. BTC is potentially going to try for top of triangle so it's better to wait and see on these shorts than get in too early.

mljones Updated 

BTC has been in a big triangle. I previously had projected a 5 wave impulse from the top of the triangle to the bottom. However the recent bullishness means this wave cannot be an impulse since the 2 wave would have gone too high. (It it could technically still be an impulse but only a very large one) So instead I think this is in a 3 wave structure meaning that...

mljones Updated 

RTY in a range on weekly chart, coming into expected resistance. Likely outcome is to return to the middle of the range. Bullish intraday bias for now but expecting a reversal.

mljones Updated 

Gold teetering on dipping into the low volume area below the recent congestion area. Bias should be on shorts during day trading sessions. Attempts to turn red days green would probably make for good entry areas.

mljones

Still building a triangle and squeezing into the point. Posture for day trades will be to use shorter targets and less risk. Tighten stops relatively quickly, do not expect big runners. This will eventually break from the triangle and when it does there will be opportunities to hold for day long runners. Linear regression shows price is orbiting around 56 so if...

mljones Updated 

Looking like TRX starting on bearish leg of cycle with the b wave initiated probably at .01585. This is a longer term short for me so the C point is not necessarily an exit. I am trading this more on the weekly chart and looking for TRX as a whole to get rejected by the market in the long term. I do not think TRX is ever going to take any significant market...

mljones

Been waiting... waitng... waiting for a chance to get back long on eth because the next bull run should be huge. However looking at the elliot count it is hard to come up with a way to justify any kind of long position until probably around the $125 level. This is because if you take the recent 5 wave impulse from 350 to 200 as a wave 1 of a larger 5 wave move...