On the 4H chart we have seen a pullback to new recent lows. The level is 0.00319 (The lower Red Line), and is a pretty good long term level. The level is also the fib retracement from each of the cycle lows being a 50%, 61.8% and 78.6 % retracement from the different cycle lows. I cant show three fibs at once so will leave the overlay for you guys to do.
So what will happen here, it seems to be most asked question of the week. The answer of course is we will need to wait and see what the chart tells us. A close below the level and I think we need to be very careful, we have a rampant BTC and that is the big volume coin in the game.
If we get a bounce here and a close above 0.00323 we would have a decisive bar, bouncing off strong support and closing above the Horizontal, 3 fib retracements, and the 50 EMA on the 4H chart. If that happens I am definitely keen to get in. I would buy when price goes above the high of the bar. Stop loss below the bar.
Entry above the first bar to close above 0.00323 Stop Loss 0.00313 Target 1: 0.00336 Target 2 0.00360
To make Dollars your decisions need to make Senses: Any rise in ETCBTC could be a due pullback in BTC. Is so we need to watch that pullback carefully and amend profit taking accordingly
Follow us for an exciting trade idea later today.
交易开始
⋅
So price has come to our level and consolidated, I am okay with that.
The text book trade here is a false break down that fails and then a break up. For now i wont worry to much about the textbook. If the entry as above sets up i will still trade it. So i am still looking for a 4 H bar to close above 0.00323. Be patient here, trading in this range is dangerous
订单已取消
⋅
We havent reached our entry here before price has dropped below our Stop loss. I will cancel this trade as there was probably a lower entry. I will keep watching in case we have another set up.
评论
⋅
Gosh Guys, Yes we cancelled the order and price went through it and went up, perhaps the trading world has ended. Of course this i'snt our trade our trade was based on this: "On the 4H chart we have seen a pullback to new recent lows. The level is 0.00319 (The lower Red Line), and is a pretty good long term level. The level is also the fib retracement from each of the cycle lows being a 50%, 61.8% and 78.6 % retracement from the different cycle lows. I cant show three fibs at once so will leave the overlay for you guys to do." Now price didn't bounce off our level, it bounced off a level below. This means that instead of our level being support a LOWER Level is. This also means that our Stop loss instead of being safely under support is now above support and exposed. This doesn't mean that it WILL be Hit but it does make it a lot more likely. Its a dumb risk to take and one experienced traders wouldn't consider. Its one i cant ask you to take. I will make my explanations about this is a lot clearer in future. I have always been alot better at trading than writing and am still learning this part. What happened here was that our level broke and price went down and bounced off a lower level. If i was in front of a screen we would have traded that lower level. That's the best trade. But i was away. If you see bounces of lower levels on my trades and are good enough to understand, then take the trade off the new level, and make your Stop loss safe. If not, then hang tight and we will try and find a safe way in for you like the D trade which gives us more space. Dollars and Senses has your back
Setting up for another bounce maybe? Getting close to previous support?
Filouman
⋅
Not sure I understand your explanation of how you found your target levels, they seemed high to me (easy to say in hindsight right!?). I placed my order right on the .618 fib retracement at .00302500 level and got really lucky, price bounced from there perfectly! Doesn't always work like that, but nice when it does lol. Anyway, even if your levels were higher than mine, your analysis led me to this trade so thanks for sharing, and keep it up!
Filouman
⋅
ps. also watching the .0036-.0037 area you have marked for possible short-term reversal off the 0.236 fib for ABC correction back to rising support trend line... Watch for support above .00345, if it drops and closes below .0034 I'll be out again waiting for new entry.
Wielinga
⋅
Great post, Great comments! Thanks for updating and enlightening my day!
wildboar8
⋅
hey buddy, when you say "a close above ..." what timezone you talking about ? and i thought crypto never closed, haha
DollarsAndSense
⋅
@ajcvet, Hey thanks for asking, this is a basic question but very important you have these details. Crypto doesn't close correct (I wish it did) but see on the chart at the top it says 240... this means these are 4 hour candles. So when this candle closes a new shall open we need the close above .00323 to distinguish a safe place to enter. 4 hour candles start at midnight and its the timezone that the chart is on. Above the chart below the title click BITFINEX:ETCBTC this will take you to another page then click interactive chart.
Once you get to the interactive chart at the bottom you will see the time etc, its always important to know when a candle closes especially daily etc.
I will learn how and where to post some educational documents at some stage with the raw basics on trading, then once we have worked together for a few months we can advance your trading skills to new levels.
Maybe I can try and teach followers 1 indicator per month and every chart I post we can refer to how we used that indicator and how it looks so within 6 months you all can be trading comfortably.
wildboar8
⋅
@DollarsAndSenses, thanks for the reply. understand it now and checked the interactive. again thanks. learned a lot from you in the last week or so and greatly appreciated. i'll share some profits with ya buddy.
ya i saw your post about teaching doc's. man i'm in and ready. good on ya man.
epitome
⋅
@ajcvet, mind sharing the link to that post about the teaching docs? Would like to read it too. Thanks!
wildboar8
⋅
@epitome, if you click on @DollarsAndSenses he's posted it there.