chessnut (OP)
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November 25, 2014, 11:30:38 PM
Last edit: November 25, 2014, 11:57:25 PM by chessnut |
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I am reading up on some elliot wave and I am curious, what is it exactly that tells you that wave C must happen??
An impulse wave never happens without a counterpart because impulses only occur in the direction of the trend. In this case the trend is down because we have an impulse down, this may be part of an ABC, or it may be a primary wave (very bearish). Alright, so what would be your reaction if there is no wave C and we just keep going up? Or would that be the primary wave you mentioned? my reaction would be to change my mind, but I see no way in terms of EW analysis that we are going to go back up to 2450. EDIT - no way back to 2450 short term |
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phoenix1
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November 26, 2014, 12:22:57 AM |
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EDIT - no way back to 2450 short term
Good call ! |
"Before you embark on a journey of revenge, dig two graves" - Confucius (China 551BC-479 BC)
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chessnut (OP)
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November 26, 2014, 03:23:13 AM |
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I was expecting a larger wave C but this one meets the requirements. We have a technical breakout, a further breakout above 2330 is enough to confirm we will be trending higher, possibly even to retest 3000. It also confirms that the alarming potential of wave V to unfold is at least postponed. This is a good buy.  |
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chessnut (OP)
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November 26, 2014, 08:16:33 AM |
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With the recent breakdown a clearer count has become apparent that satisfies better than a shortened wave c. This abc correction is a scewed flat, meaning downward pressure is great at this point. if the impulse from 2450 was a primary wave, what could be about to follow could be a very bearish. I warn everyone to be very cautious in this area.  |
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madmat
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November 26, 2014, 08:21:35 AM |
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I bought after your first post and sold with a loss after your second one. Loss limited to 2.5%.
I am happy to be able to stop loss.
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chessnut (OP)
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November 26, 2014, 08:34:10 AM |
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I bought after your first post and sold with a loss after your second one. Loss limited to 2.5%.
I am happy to be able to stop loss.
Good risk management. The last long was not quite confirmed with a break of 2330, so it wasnt such a confident set up at the time. But unfortunately these things happen. as this unfolds a good short might present its self. |
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elasticband
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Nighty Night Don't Let The Trolls Bite Nom Nom Nom
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November 26, 2014, 08:39:39 AM |
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thanks for the analysis
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madmat
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November 26, 2014, 09:13:01 AM |
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I bought after your first post and sold with a loss after your second one. Loss limited to 2.5%.
I am happy to be able to stop loss.
Good risk management. The last long was not quite confirmed with a break of 2330, so it wasnt such a confident set up at the time. But unfortunately these things happen. as this unfolds a good short might present its self. You think to short if there is a breakout below 2250 ? |
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chessnut (OP)
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November 26, 2014, 09:25:57 AM |
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You think to short if there is a breakout below 2250 ?
Its very dangerous to chase a third wave. better to sell the bounce bravely. Ideally we want time enough to perceive weakness in the bounce before it runs away. This can be tricky. |
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madmat
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November 26, 2014, 09:42:01 AM |
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You think to short if there is a breakout below 2250 ?
Its very dangerous to chase a third wave. better to sell the bounce bravely. Ideally we want time enough to perceive weakness in the bounce before it runs away. This can be tricky. I understand. Not for me  I will wait for a stronger buy signal. |
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podyx
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November 26, 2014, 11:56:06 AM |
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Looks like we headed back up  okcoin futures going ahead, has been a good sign that we're going up before |
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chessnut (OP)
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November 26, 2014, 12:28:30 PM |
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Looks like we headed back up okcoin futures going ahead, has been a good sign that we're going up before Yeah, seems like we are bullish again. Ill have to wait for the market to reveal more. |
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T-Y-R
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November 26, 2014, 12:44:19 PM |
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Hehe, this coin is fcuking with you okes today!
Anyways, thanks for all the effort and sharing all of this, chessnut! I don't trade at all (anymore), but if I ever sell a large chunk based on a hint I get here, I'll send some love your way.
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LFC_Bitcoin
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#1 VIP Crypto Casino
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November 26, 2014, 02:01:37 PM |
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Looks like we headed back up okcoin futures going ahead, has been a good sign that we're going up before Yeah, seems like we are bullish again. Ill have to wait for the market to reveal more. Really? I don't see any significant movement in the price? |
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podyx
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November 26, 2014, 03:48:24 PM
Last edit: November 26, 2014, 04:05:59 PM by podyx |
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Breaking out  Good time to buy now right? edit: I guess not, 2300 putting up a fight |
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ask
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November 26, 2014, 03:56:18 PM |
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@ podyx :
It is always right time to buy. We are on bull market with full of corrections as this was.
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Spink
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November 26, 2014, 04:33:45 PM |
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It is always right time to buy. We are on bull market with full of corrections as this was.
Simply "Buy and wait". Nice strategy if you can afford to wait for year and more. |
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SkyValeey
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November 26, 2014, 04:59:09 PM |
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@ podyx :
It is always right time to buy. We are on bull market with full of corrections as this was.
Tell this ppl who bought at 1000$ + LOL... Bad advisor is worse than none. Buy low, sell high is best tip. Learn simply at (fibo, rsi, elliott, bbands, macd, patterns); learn how to "feel this market" (smth like intuition) and learn to sufr waves = profit. |
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podyx
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November 26, 2014, 06:00:03 PM |
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How likely is a $275 retest?
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chessnut (OP)
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November 27, 2014, 12:22:07 AM |
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Hehe, this coin is fcuking with you okes today!
Anyways, thanks for all the effort and sharing all of this, chessnut! I don't trade at all (anymore), but if I ever sell a large chunk based on a hint I get here, I'll send some love your way.
Yep, some days it sux! How likely is a $275 retest?
Imo, at this rate, 50% chance of $270 retest. |
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