tradedevil

tradedevil

The 3-wave high of the 3rd Wave is "likely" in. Right to the 1.618. Text book. Re-load for the wave-4 is on deck. Two entry points. I'd start with half your position at the 38.2 around 3155 and look to add the second half at the 50% around 3052. This is not a trade to be conservative. This is the aggressive play you wait to jump on. When a bull market is sticking...

tradedevil

ETH has got to prove itself at $300. If we break through, we are in a new impulse wave structure. If we stall at $300 and start to retrace, then ETH remains in a bear trend. If you're long now, expect some sort of reaction at $300. If you're looking to get long, it's a wait and see moment. Currently, the expectation is that we will see a reaction and a pullback....

tradedevil

BTC needs to get to $3,500 at least to sustain this count. I see that probability as highly likely, for what that's worth. If you see that same structure, then this is your catch up trade. Buying the 50% would be textbook perfect. You might ease into a small amount here at the 38.2% But the 50% is the perfect play and in line with the median line structure. FOMO...

tradedevil

If you missed the entry at $2400, here's the pullback entry that you waited for... We've got the Wave-4 low established as the pivot from which we can work. The assumption here is, of course, that we will now progress in a 5 wave sequence on our way to new highs. The timing is well synchronized with the Aug. 1st timeline and I find this to be right by the play...

tradedevil

Okay BTC Bulls, here's where you've got to show some balls. This could not be more technically perfect. If it holds, this is your wave-2 of Wave-5. You "want" this as it's your entry into the wave-3; you know... where you make your money. We're at the 50%; At the 1.618 alternate fib projection. Good structure for the support. Hey, nothing is certain in trading......

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...

tradedevil

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...

tradedevil

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.

tradedevil

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...

tradedevil

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...

tradedevil

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...

tradedevil

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...

tradedevil

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...

tradedevil

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

tradedevil

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...

tradedevil

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...

tradedevil

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...

tradedevil

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...