In this lengthy video, I discussed the details of labelling and counting of waves for Bitcoin from daily to the 5 mins timeframes. I drilled down to the minuette waves (in orange) on the 5 mins timeframe. Take note that I made a mistake in the actual config of one of the orange waves (setting it as minute instead of minuette). The mistake happened on the 9:15 where I changed the color of the corrective wave A-B-C but did not change the degree.
In this video, I also discussed the alternate counts (in blue) in details.
But while both the primary and alternate counts are both short bias, the target entries (and thus risks) are different. if you are an aggressive trader, and want to trade on the alternate count, your stop will be set above the blue line where the alternate count is invalidated. If you are trading on my primary count, you will want to see reversal pattern (e.g. candlestick reversal) or see rejection at the red line.
In any case, good luck in your trading and remember to keep your risk tight!
In this video, I also discussed the alternate counts (in blue) in details.
But while both the primary and alternate counts are both short bias, the target entries (and thus risks) are different. if you are an aggressive trader, and want to trade on the alternate count, your stop will be set above the blue line where the alternate count is invalidated. If you are trading on my primary count, you will want to see reversal pattern (e.g. candlestick reversal) or see rejection at the red line.
In any case, good luck in your trading and remember to keep your risk tight!
Note
Alternate count is invalidated while I'm posting this video LOL. So really, I could have just waited and I won't have to discuss the alternate count at all!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.