Greetings fellow traders,
As time goes by, the markets evolve...
If your way of TA is strong, then the path will lead its way...
More visible, more probable:
' I’m trying to free your mind, Neo. But I can only show you the door. You’re the one that has to walk through it. '
~ Morpheus, The Matrix ~
With that having quoted, this is my way of keeping order in the chaos. I call it, "Pattern Formation Level( PFL )":
Alpha > Beta > Delta > Echo
(Yeah, I skipped Charlie... It just sounds cooler like this, right? ^^ )
Explanation PFL:
RBW, but there is a bigger pattern formation in the making a DT
Current possible Echo patterns:
Head & Shoulder > DT
-----------------
Today's Note:
Echo patterns looking freaky bearish. Currently shorting since the last top, $7.4K region. I was pretty lucky being able to catch that on 2nd day of x-mas. S/l is currently far out of reach. It's setup a bit above my entry point. In short this was a really nice position to trade for a holiday. I did mention yesterday I was going to short once I saw bearish signs. I'm preparing for a 7-13% drop. So be careful if you're actually longing at this point. It's never impossible for bitcoin to suddenly go up. But the probabilities are currently pretty low. That's why I barely have drawn any possible bullish trajectories. Once I see significant bullish signs, I'll update the price action chart a.s.a.p.
In case you're considering to decide to enter a short position. As you can see, if and when the DT plays out. There still might be better possible entry points for a short position with lower risk/reward trade. So keep an eye on the resistance levels of this pattern.
To be concluded...
Current Target:
Exit short position / Entry long position target: $6.5K - $6.1K region.
Tip:
Don't use linear tools/lines on logarithmic charts. Best indicator to use are the Exponential-, Relative-, Weighted-, Simple- or the regular Moving Average. (EMA,RMA,WMA,SMA,MA). These indicators adepts to the logarithmic variables.
-----------------
If you don't want to miss out on any of my daily technical analysis on Bitcoin. Then click or tap on follow and don't forget to smash on that like button ^^, thanks in advance.
In case you're wondering which indicator I'm using. She's called EMI, short for 'Epic Market Indicator' and she's a collection of diverse indicators. How to use, is in the description. You can use them like any other indicators. Search for 'epic market indicator' then add. I have recently published the latest versions. EMI 1 v3.0 & EMI 2 v2.0. Like any other instrument, practice makes perfect. If you have any input for EMI or questions about my way of TA(*Asian sound-effects*). Please leave a comment or DM me and I'll try to respond a.s.a.p. Be careful and good luck fellow traders, may the trend gods be with you!
As time goes by, the markets evolve...
If your way of TA is strong, then the path will lead its way...
More visible, more probable:
- Dashed lines; Possible forming patterns
- Solid lines; Confirmed patterns / support or resistance
- Dotted lines; Possible price-action trajectories / wave trend
' I’m trying to free your mind, Neo. But I can only show you the door. You’re the one that has to walk through it. '
~ Morpheus, The Matrix ~
With that having quoted, this is my way of keeping order in the chaos. I call it, "Pattern Formation Level( PFL )":
Alpha > Beta > Delta > Echo
(Yeah, I skipped Charlie... It just sounds cooler like this, right? ^^ )
Explanation PFL:
- Alpha; ST / Bullish Pennant pattern formation, a.k.a. "The End Game", a.k.a. "The Big Long". (Daily and higher timeframes)
- Beta; Most recent relevant and biggest forming pattern within The Alpha forming pattern. FW / DC. (4-12 hour timeframes)
- Delta; Most recent relevant forming patterns within The Beta pattern. (1-4 hour timeframes)
- Echo; You get the picture... (15min - 60min timeframes)
- Eventually the PFL's are all connected. When the last beta, delta and echo patterns are confirmed. This should form and confirm the most recent forming Alpha pattern.
I'm a programmer and I like playing chess. As result to my TA, I like to look ahead as far as possible. You can only do this if you have reliable trends to follow. That's why I came up with this system. Timeframes are estimations and not exact.
RBW, but there is a bigger pattern formation in the making a DT
Current possible Echo patterns:
Head & Shoulder > DT
-----------------
Today's Note:
Echo patterns looking freaky bearish. Currently shorting since the last top, $7.4K region. I was pretty lucky being able to catch that on 2nd day of x-mas. S/l is currently far out of reach. It's setup a bit above my entry point. In short this was a really nice position to trade for a holiday. I did mention yesterday I was going to short once I saw bearish signs. I'm preparing for a 7-13% drop. So be careful if you're actually longing at this point. It's never impossible for bitcoin to suddenly go up. But the probabilities are currently pretty low. That's why I barely have drawn any possible bullish trajectories. Once I see significant bullish signs, I'll update the price action chart a.s.a.p.
In case you're considering to decide to enter a short position. As you can see, if and when the DT plays out. There still might be better possible entry points for a short position with lower risk/reward trade. So keep an eye on the resistance levels of this pattern.
To be concluded...
Current Target:
Exit short position / Entry long position target: $6.5K - $6.1K region.
Tip:
Don't use linear tools/lines on logarithmic charts. Best indicator to use are the Exponential-, Relative-, Weighted-, Simple- or the regular Moving Average. (EMA,RMA,WMA,SMA,MA). These indicators adepts to the logarithmic variables.
-----------------
If you don't want to miss out on any of my daily technical analysis on Bitcoin. Then click or tap on follow and don't forget to smash on that like button ^^, thanks in advance.
In case you're wondering which indicator I'm using. She's called EMI, short for 'Epic Market Indicator' and she's a collection of diverse indicators. How to use, is in the description. You can use them like any other indicators. Search for 'epic market indicator' then add. I have recently published the latest versions. EMI 1 v3.0 & EMI 2 v2.0. Like any other instrument, practice makes perfect. If you have any input for EMI or questions about my way of TA(*Asian sound-effects*). Please leave a comment or DM me and I'll try to respond a.s.a.p. Be careful and good luck fellow traders, may the trend gods be with you!
Commento:
Possible support and short-term bullish reversal added.
Commento:
Just another day in bitcoin paradise. Volatility at its best. Bitcoin showing bullish signs.
Commento:
Right wick / fake out might just be standard deviation. Daily showing a wick, might confirm this. New possible forming bullish Echo pattern; RBW
Commento:
Correction, it's a FWB, not a RBW.
Commento:
But it can also be a DC.
Commento:
Still bullish pattern. But we need more confirmations.
Trade chiuso manualmente:
Well, took profit this is going to bullish for me.
Commento:
Commento:
Gonna wait and let the evolve a bit before entering a trade again. Took my profits for today, should be satisfied. Better to soon that too late!
