I am out of the previous trade with a whooping +12% in capital in few hours (15min TF execution). Yes, I followed the plan and there were no reason to change anything because we saw a big 1h candle. Both targets were reached and price pulled back, so a plan is a plan. I am also long in higher time frame so we can continue higher like this, I am very very happy...
So what now in the 1h?
motive 5 waves are tricky because there is no bullish/bearish sequence in those (to understand why I say that, you are most welcome to visit my patreon site), so right now invalidation level to the upside is 6,758.45.
Right now, preferred view is a marginal new high to complete a cycle from 6,611.49 low BUT as we already reached equal leg area of this cycle, cycle may also have ended 8,069.34 and correcting the all move.
So as long as above 7,570.05, I expect a new high with RSI divergence before a pullback. Depending on the structure of this pullback, I might consider to buy green -4- (as an extension in the correction and not retracement of green -3-).
If price fails to hold above purple -4- from current levels, then cycle from 6,611.49 might be ended (although real invalidation is 6,758.45) and therefore cycle from 6,427.16 will be called completed as well which will leaves us with bitcoin correcting deeper. This is why I am not in a rush to join the pack here (I remember that public buy high and sell low - I bought longs at 6,620isd and sold long at 7,270ish and at 7840ish / so I don't want to buy 7,400 with stop 6,400 ... in 1h setup).
If you like this content, please like and follow. You might also consider to check my patreon site. Would be very much appreciated.
So what now in the 1h?
motive 5 waves are tricky because there is no bullish/bearish sequence in those (to understand why I say that, you are most welcome to visit my patreon site), so right now invalidation level to the upside is 6,758.45.
Right now, preferred view is a marginal new high to complete a cycle from 6,611.49 low BUT as we already reached equal leg area of this cycle, cycle may also have ended 8,069.34 and correcting the all move.
So as long as above 7,570.05, I expect a new high with RSI divergence before a pullback. Depending on the structure of this pullback, I might consider to buy green -4- (as an extension in the correction and not retracement of green -3-).
If price fails to hold above purple -4- from current levels, then cycle from 6,611.49 might be ended (although real invalidation is 6,758.45) and therefore cycle from 6,427.16 will be called completed as well which will leaves us with bitcoin correcting deeper. This is why I am not in a rush to join the pack here (I remember that public buy high and sell low - I bought longs at 6,620isd and sold long at 7,270ish and at 7840ish / so I don't want to buy 7,400 with stop 6,400 ... in 1h setup).
If you like this content, please like and follow. You might also consider to check my patreon site. Would be very much appreciated.
ความคิดเห็น:
new high in price but not in RSI. RSI divergence intact, marginal new high cannot be excluded but I expect pullback soon now before higher within the cycle from 6,427.16 low
ความคิดเห็น:
bitcoin ended a sequence at 8,239, confirming the view so far. I don't like the structure of the correction so far as 3rd leg (in 15min) already extended beyond 161.8% at 7,805. So from here, either we move higher and fail to break above 8,329 and we would go for double correction aiming for maybe/ideally 7,730-7,600 and higher.
On the chart, red -3- can
- either be end of cycle (green 1) from 6,427.16 - in that case green 1 is W of WXY from the low - OR
- third wave of motive 5 waves up (preferred view) - in that case I am aiming at ABC as a zigzag at minima where red -5- = green 1 = A leg)
Reason I choose the motive 5 waves options rather than corrective 3 waves that has been preferred for a long time now - is that third legs of 2 cycles are reaching beyond 161.8% of resp first legs (if you want to understand my system, check the patreon site and joind discord for live session).
So, this is the weekend, I did great last week, I won't chase green -4- (15min execution means staying in from of the computer) and will be reassessing the situation on Monday/
Wish all a great weekend!
PS:
This content is shared here as a courtesy of the Trader's Corner to demonstrate what I do on each instrument 3 times a day for the 1h charts.
If you like this content, please like and follow. Also, you can check the (5min) video review that will be implemented on our patreon site (some ideas will be shared on Tradeview video platform as well)
Thanks
On the chart, red -3- can
- either be end of cycle (green 1) from 6,427.16 - in that case green 1 is W of WXY from the low - OR
- third wave of motive 5 waves up (preferred view) - in that case I am aiming at ABC as a zigzag at minima where red -5- = green 1 = A leg)
Reason I choose the motive 5 waves options rather than corrective 3 waves that has been preferred for a long time now - is that third legs of 2 cycles are reaching beyond 161.8% of resp first legs (if you want to understand my system, check the patreon site and joind discord for live session).
So, this is the weekend, I did great last week, I won't chase green -4- (15min execution means staying in from of the computer) and will be reassessing the situation on Monday/
Wish all a great weekend!
PS:
This content is shared here as a courtesy of the Trader's Corner to demonstrate what I do on each instrument 3 times a day for the 1h charts.
If you like this content, please like and follow. Also, you can check the (5min) video review that will be implemented on our patreon site (some ideas will be shared on Tradeview video platform as well)
Thanks
