#bitcoin how to spot bull/bear exhaustion and manipulation Y/NI've boxed up all the voatilities of all the consecutive lows ending with round numbers with purple boders and white background. I've joined up all the consecutive highs with round numbers using yellow lines. Hope there are no errors.
First thing you'll notice is that the market isn't so manipulated anymore hence fewer consecutive round number days - just my theory.
Next you'll notice that many of these blocks have usefull breakouts, and many signal market exhaustion at extreem highs or lows. Will it continue?
NOT ADVICE. ALL STANDARD DISCLAIMERS APPLY. DO YOUR OWN RESEARCH.
Bitcointrading
TENTATIVE APPROACH OF PUBLIC TRADING MARKETSHi fellow traders,
I started to trade forex 12 years ago. I looked at almost all possible literature (books) and Technical Analysis (Japanese candle sticks, indicators, Elliott Waves, etc.), traders' psychology, paid for expensive forex courses.
They all failed me . 4 years!
Not because these were wrong (or maybe but who am I to say so) but because they were of no help for me to trade. I was loosing money.
On the chart, this is me 10 years ago applied to today's bitcoin chart
Then I realized that trading is only managing risk. As a trader, my job is to manage risk. And it needs a set of few components that you need to have right:
- Charts - and how to read them.
- Understand cycles of the market (time frame, momentum)
- A trading system (that provides entries based on the same approach over time. can be anything I reckon: MACD cross-over, candle stick patterns)
So, I based my work on Elliott Waves Theory (Elliott was a genius) but I dropped his approach of market trending in 5 waves only and also his labeling but I kept his vocabulary.
I used different time frames for direction, setup and execution that fits my personality. I do not read news or listen to rumors when I trade. This is noise to me that is here to justify price when I believe that price is all that matters (except if you are an insider trader with deep pockets... no further comment). I trade extensions in corrective sequence with Fibonacci levels.
This year, I started The Trader's Corner and I am trading for a living.
What is your approach to trading in general and cryptocurrency in particular?
Bitcoin GPS where are we ? Full PictureHere's the bigger picture just in case those who saw my last posting couldn't work it out . MACD study of two double tops. Chart is looking a bit wrecked, but the only way I could show full MACD study. So far it looks to be working out well. I've also updated some of my earlier yellow lines to better reflect accuracy etc... Hope the visual is self-explanatory.