This is where I closed my short order for ETH/BTC in my Short-term speculative portfolio.
Reason.
I use Fibonacci and Elliot Waves analysis for my speculative portfolio and ETH/BTC has reached an acceptable target for what seems to be a minor wave B inside an intermediate wave 4 inside a primary wave C. (Which is most likely inside of a major wave 2)
For my short term speculating, I opened a short position on 23 June 2016 at 0.02188 and I have closed my position at 0.178 btc on 4 July 2016
From here I predict the minor C to end at no more than 0.19, else the analysis will have been wrong and will have to correct my predictions. OInce minor C in inter. 4 is over it'll be time to open a short position again.
/* Elliot Wave analysis shows many possiblity, I am only acting on the probability of a trad goin more my way than not, there is always a possibility that I will be wrong and have to change my analysis. This is just a documentation of my actions. */
And, no I did not open a long position at this point as the overarching trend is still a down trend and my policy is to never go against the next degree's trend.
Reason.
I use Fibonacci and Elliot Waves analysis for my speculative portfolio and ETH/BTC has reached an acceptable target for what seems to be a minor wave B inside an intermediate wave 4 inside a primary wave C. (Which is most likely inside of a major wave 2)
For my short term speculating, I opened a short position on 23 June 2016 at 0.02188 and I have closed my position at 0.178 btc on 4 July 2016
From here I predict the minor C to end at no more than 0.19, else the analysis will have been wrong and will have to correct my predictions. OInce minor C in inter. 4 is over it'll be time to open a short position again.
/* Elliot Wave analysis shows many possiblity, I am only acting on the probability of a trad goin more my way than not, there is always a possibility that I will be wrong and have to change my analysis. This is just a documentation of my actions. */
And, no I did not open a long position at this point as the overarching trend is still a down trend and my policy is to never go against the next degree's trend.
Trade closed: stop reached
Switch my bias back to short.Short-term: not holding anything
Medium Term: Still holding on to a short position
Long term: not holding anything
Note
Move (B) further down, stil does not violate any rule. Brace for a move back to C, might consider exiting a mid-term short
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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.
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.