(the fact that we did not see that yet most likely means price will come back down before it will make the real move higher).
Therefore we take it step by step because giving potential patterns long term will bias more traders than help them in my experience.
First possible trade we called was:
'If we make a minor correction (indicated by means of that small arrow lower in the chart) we can trade the continuation higher of this bullish minor bounce and take it from there.'
We saw that minor 3 wave correction followed by a bullish continuation. Key to understand is; so far, that minor move higher is only a continuation of that minor bullish leg from 9200 low, not a reversal sign all together yet.
So calling potential trade set-ups is what I do and by managing them accordingly you are able to stay in pretty much all winning trades regardless what the pattern will be. (Remember my first call for that move lower. That short resulted in more than 6/1 risk/reward)
The following charts show an example of two high probability scenario's still on the table., none of them are a set-up yet for the long term bullish continuation.
Every time both scenario are possibile, it can go up or down. The analysis of 3 wave can be ok but it's not necessary to wait the 5th to go in.
What you will see if you compare me to others, is that I'm more accurate than others and therefore have a higher success-rate and higher risk/reward. That also means that there are no general things I look at if there are several scenario's perfectly valid. That will only lower my probability for success. If I am looking for a certain thing (like taking out that low at 11065 within the corrective structure) I will mention it, other than that I keep my options open and don't try to cut corners so I can convince myself to enter a trade.
I will cut my profits short if I base my observations on a specific time frame or use those kind of guidelines (this does not mean that less experienced traders should do the same as I). Personally, I am perfectly fine trading against a major trend (as shown by means of my previous Bitcoin short).
Trading the way I described took you in the short term buy trade which should be a risk free trade now. Next step is; we take it from there based on the scenario's I described. I will upload a video later today to my YouTube channel and go over Bitcoin as well. Maybe that clarifies it a little more.
But key for all trades I take is; I only trade what's best. There are so many instruments out there and I don't have to trade a specific instrument because there is no such thing as missing a trade. Either it does what I want and I execute based on my rules or it is not good enough based on probability * risk/reward and I don't trade it.