Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
The bottom looks like it's in. I can still see another leg down tho (C) wave shows another leg down to 0.05 area. This scenario is not likely to come, but never say never.
How I would trade this: Buying now and adding on the way down if it goes. We call this method laddering down or dollar cost averaging.
Once again, not financial advice.
Risk/Reward: 17.5
People say never go in on trades if RR ratio is not around 3...
This is huge.
The bottom looks like it's in. I can still see another leg down tho (C) wave shows another leg down to 0.05 area. This scenario is not likely to come, but never say never.
How I would trade this: Buying now and adding on the way down if it goes. We call this method laddering down or dollar cost averaging.
Once again, not financial advice.
Risk/Reward: 17.5
People say never go in on trades if RR ratio is not around 3...
This is huge.
Note
People will always tell you to dollar cost average in. Do not do this method when you are buying tops...You buy and it drop and drop and drop and drop.
We do not have much room to go any lower. Definitely do this NEAR the bottom.
Trade active
Chart Update: Support & resistance lines added.A break above the blue resistance line will confirm an uptrend. If not we will have another leg down.
Note
Chart Update: Added impulse wave counts.Either we get the teal wave or the purple wave.
The pink wave (3) is the price target.
The price target remains the same for all wave counts.
Elliot wave cannot predict time so what you're seeing is a prediction of wave counts depending on when we get an impulse wave.
If the bottom is in we will start the teal wave, if not we will have to wait until the last leg down is in and we will start from the purple wave.
Trade active
Zoomed in: Timeframe changed to 4h.If we're starting the teal wave it would look something like this.
Everything is following btc's movement though, so if btc is continuing up then so will all altcoin.
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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.