LWC: Location GSC2B: Diagonal Triangle (D top = G) Need smaller time frame confirmation of candles. Labeled the correction with ABC for clarity, so B on the chart is actually the D triangle top on smaller time frame. Trend - Down; Recent Pivot - G $489.57 Candlestick pattern Red Engulfing: • G may be top • The formation is one candle • September 2020 bar
Validation/Confirmation - Multiple time pivots on G - Failed at .236 major retracement resistance - GSC2 fourth wave violations - Three, three, three, three, three pattern - Declining vol. - slight bearish divergence - Strong bull rotation of A_F - Recent MA death cross - D and F first two rising bottoms - Short the pivot point G after smaller time frame candle confirmation or after dropping below the low of $311 - C is ATH, with red engulfing candle reversal
Projection/Trade Tactic - GSC2 bottom: $100 (Projected H) - Short the pivot point G after smaller time frame candle confirmation or after dropping below the low of $311 - High risk Stop loss: $315 (1% above $311) - Low risk Stop loss: $494 (1% above G) - Pick your profit level based on supports below or a MA bounce • $285 • $205 • $165 • $120 • GSC2 projected bottom: $100 - Projected H may be 3rd bottom for buying
Here are the data points: Price Pivots A $0.15 B $5.92 C $1,594.89 D $80.56 E $138.60 F $89.80 G $489.57
My overall TA strategic approach of various cryptocurrencies, in the form of my personal guidelines and foundational values driving trend analysis-based swing trading. Remember risk management and setting stops before you trade.
1) LWC is the map, time our compass - validate on price and confirm with candlesticks 2) EVERY trade: LWC location, time bearing, price validation, and candle confirmation are required 3) All LWC counts, Gann degrees/factors, and time assessments need validation at a smaller time frame 4) Trade off candlesticks that confirm pivots which display a trend change 5) Trust the process and numbers 6) Trade with the trend in your chosen time frame 7) Start large and work small
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