tradedevil

After the massive relief rally, it's now a matter of where to board this train. Fortunately, the market has carved out a nice little boarding ramp. In fact, it framed it up perfectly. There's a beautiful little confluence of technical mojo laying in wait right at the Wave-3 and Wave-4 cluster. Add the magnetic pull of a round number at $2,400, the 20 day moving ...

Let me first say that I am "not" clear on how the Bitcoin scaling issues are going to be resolved. In fact, the more I read, the less clear it becomes. So what's a trader to do..? Of course, sitting out until more clarity arrives is never a bad option but then, as traders, what we live for and need is volatility. And we certainly have that... Add the fierce ...

Tapping that 61.8 for a quick support check. This a potential entry for a single. I expect us to stay in this channel for a bit of time now so, I'd be looking for a 3-to-1 risk reward. Target on this swing for a single is $2,480. Long term target $3,500 beyond but likely a bumpy flight on the way to that destination.

Short tern traders can see the obvious fib and channel resistance above on the hourly. That remains a good target for the shorter term swing trader. But a look at the daily and I want to remain long and strong. It's literally a text book Elliott count. Simple correction in the Wave-2 followed by a complex correction in the Wave-4. Support found at the 38.2%. A ...

This count on the daily has potential to firm up. There is almost always a test of the most recent swing low so, the pull back here on the 3-hour is a reasonable entry with the stop just below the pivot. I'd keep the size moderate as the count is unstable at this point. But I like this kind of trade, as the risk is low and there is a very specific target above. I ...

Okay, the wave count get blown out, stops are hit... losses are felt and perhaps some confusion as we stare at the chart and must listen to what the market has so clearly told us: You were wrong. Well, get used to it... So, now what? Well, I can only offer my experience from trading this type of methodology over many years. First, I take all wave counts off the ...

Yet another 50% following a 61.8% I play these until I see a change in this pattern. Yes, it will happen eventually but trying to guess when, will drive a trader crazy and leave the opportunity to the algo traders. You have to be methodical, even robotic about your trade selection. Your emotions will almost always lead you into bad trading decisions. That's why ...

5th Test of this Channel. This is a market with both bulls and bears lacking conviction. Given the fundamental backdrop this is really not too surprising. May well stay this way until we get into August. We may also see some stop running if we get too far beyond this channel support. I'm still looking for buying opportunities. The 78.6 has been the measure of ...

This chart needs no comment other than; do not fear the algos. Look for their foot prints and walk/trade behind them...

If this roars into a Wave-3, there will be plenty of stops to fuel it higher on the way. Yea, I know Bears are all wet about this Channel holding. Setting up the break of $200 and then much lower. It "could" happen but as long as we stay above $205. I'm looking for long entries. I've been stopped out more then once here. If you have as well, stay objective. That's ...

This plays. The count is still valid. The Channel support seems to be the key. Now a 1-2, 1-2 with this type of range sets up a bigger move overall. Bulls need the Fib ping-pong to break. The resistance at $2,800 will be substantial. I'd be surprised, albeit pleasantly, to see us break out of this range prior to Aug 1st... So, I'd suggest being strategic with ...

This can still play as a Wave-2. It's deep, it's still technically valid as an a-b-c and it's got a huge upside for an excellent risk-reward. With a stop below the 78.6 and two targets above... this is very trade-able. Often the trade that looks the hardest to take is the one you want. If you're cautious about the structure, you can wait for the oscillator to ...

Nice a-b-c in what is currently playing as a Wave-4. I like this kind of trade as the Stop is very close and the upside is excellent here with a risk-reward of 7-to-1. If we breach that Wave-1 high at $183.38 we're stopped out with minimal account damage. There will be places to add along the way if you prefer to wait for more confirmation. But remember, the safer ...

Right in the pocket for a Wave-4. And looking at the longer tern chart on the right you can see how well this market has responded to 50% and 61.8 percent retracements. Add the 100% alternate fib projection and this is a sweet trade with a 9-to-1 risk reward. No need to give the stop much room beyond the 127% wave-c projection. A turn of the oscillator is there ...

Not the cleanest, prettiest count I've ever seen but with the pause at the 78.6 it's trade-able. The deeper the retracement the lower the risk and the greater the potential reward. Think of a slingshot. The deeper you pull it back the farther the rock flies. Tight stop under the last pivot and you've got a 7-to-1 risk reward. I'd like to see the oscillator make ...

Here's the ETH road-map as I see it. First; we "must" break the micro wave-3 high at $286 to confirm we've got an impulse wave underway in what is now labeled the Wave-3. If we do, and only if we do, the next loading zone is at the 50-61.8 zone for the Wave-2 retracement. If you're currently long, I'd tighten your stop to around $255ish depending on where you got ...

I like to see that we've broken out of the median lines. Next up two hurdles. BTC is struggling to get through the 61.8. But that's likely to be a the smaller of the two fights given the technical history. The last stand for bears will be the 78.6%. If we break that... $3,000 is your next target. Round numbers are magnets and the stops sitting just above the ...

In case you're wondering if the Algos are in Crypto... I'm looking for a 5-wave subdivision as we move to the target of $56. Don't fight these, get in behind them...