I've seen numerous coins consolidating similarly, and though I thought PAY would be the first to break out, OMG appears to be leading. Fake breakouts happen all the time, so I am looking for the RSI to break 72, and OMG to break the former resistance line. Being it was in a bearish trend we will most likely see it bounce back from the resistance line and back off the consolidation channel. If it breaks through the consolidation channel and the RSI does not go above 72, we will move our channel up.
Thanks for reading and good luck trading.
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Signal triggered, I have bought at .002435, I want to emphasize I am trading with real money and trading around a core position of 323 shares, so I am buying 30 shares or 10% increments of my core position. I started with 300 and I am adding the profits of my trades to the core.
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First target hit by the skin of our teeth!! I mean to get the shadow filled on a bar is just great and a little lucky too.
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5th wave leg up confirmed! letter go baby!
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If you were watching and following you could have bought the bounce. I would not by at this level as buyers are exhausting, await a pullback using your fibb to target levels and buy the next breakout.
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Just completed the first 5 waves and we should get a small correction to complete the mini cycle, this in my opinion is wave 1 in a larger cycle. DO YOUR HOMEWORK AND USE YOUR GRAPHS WISELY!
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I want to add the 1st cycle could have completed and corrected (the long arc) and we have entered a 2nd cycle in the impulse wave 2. This is where you have to determine where you are, but I think there is a high probability we are going up from here, just not as fast as the first cycle.
@goldbug1 Looks like BTC and OMG are in pennants. Could go for another fun ride?
This is where I am definitely lacking in experience and could use your help. So if it breaks from .003, how do you go about figuring out the new resistance levels? Is this just a fibs thing, or...would you go off of BTC resistance levels since it looks like OMG is mirroring BTC right now for the most part?
goldbug1
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@megalo99, Thank you for the comment, I will caution you on using pennants flags, heads and shoulders in the wrong trend. the trend is always the most important thing to know, and knowing the trend, and how to apply other signals in the trend, greatly increases the probability of a successful trade. However, when they are obvious like the one you state and I noticed they sometimes do not work. Never trade just on a flag pennent cup and handle or head and shoulder. Those are points you want to monitor for a breakout, now trade prior to one.
megalo99
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yup, spot on again. i will keep this in mind! (luckily i know I don't know what i'm doing, so i make few moves and just talk it out instead - much cheaper that way! haha)
goldbug1
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@megalo99, You can use the EW ABCDE channel retracement and look for abreakout. be careful with pennents and cups, as you see them everywhere, but only certain times they are relevant, but when its' this obvious, you have to be more cautious and have tight stops if you buy the breakout.
fifcandles
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And OMG just went all out! Amazing analysis!
What do you think is the target before corrections start?
goldbug1
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@fifcandles, I think we just had one in a smaller time frame and it's tradeable.
kokopuffs
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Big picture... this is actually wave 1. I wouldn't be surprised if there is a bigger climb than what you are thinking.
goldbug1
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@kokopuffs, I have us just completing the 2nd wave of the longer term cycle, and yes wave 1&2 of the mid term and 4 of a shorter term, I like when two or three wave 3's line up. That's when I will significantly add, and it should happen soon. I like this coin alot.
This is where I am definitely lacking in experience and could use your help. So if it breaks from .003, how do you go about figuring out the new resistance levels? Is this just a fibs thing, or...would you go off of BTC resistance levels since it looks like OMG is mirroring BTC right now for the most part?