Possible Wave StructureCould be a big 3-3-5 Flat where wave (C) can be either impulse or diagonal
also note previous wave (4) ended near 38.2% retracement level
Diagonal
Ready for bulls?If the blue wave count is correct, another new high is not so far away
alternatively, complex sub wave e is also possible OR sub wave d is still unfolding (although less likely)
NZD/JPYLast lesson for today. I want to catch something moving in a direction, after it pulls back and starts to continue, based on wave theory and fibonacci, among other things, of course. When you trade something going in a direction u can wind up in this......(a diagonal usually indicating price reversal, at least this type)...Just put your stop above the high right? Nope. The reason it pulls back so close to the high but doesn't break it is because they want to create the illusion that you can set a stop above the high and let it run.... But the spread will get it.....Hehehe... I'm still on the buy though until structure changes.
BTC Ending 5th Wave Diagonal SHORTWe find BTC finishing it's 5th wave towards our hard resistance formed since December, forming an ending 5th wave diagonal, starting an extended to 5th to finish off the apex of the wedge.
Targets for my short will be $7,980-$7,800
EURCHF - Possible Harmonic Crab PatternEURCHF - Possible Harmonic Crab Pattern waiting confirmation for down trend
I Cite my SourcesAs you can see from the quote we know exactly what will happen. Don't take my word for it though I provide you guys with the infallible word of my source.
Ending Diagonal. "While volume tends to diminish as a diagonal of small degree progresses, the pattern always ends with a spike of relatively high volume when throw-over occurs." "A rising ending diagonal is usually followed by a sharp decline retracing at least back to the level where it began (4) and typically much further."
Elliott Wave Principle
Frost and Prechter
\ BITFINEX:BTCUSD
Eur/AudI posted the weekly diagonal before waiting on price action. That pink line is the pitchfork line. EA looks like it is about ready to come down to at least make a flat. It does have potential to spike up one more time but that price action tells me she's going to come down. This actually a potentially large long term swing possibly working below the 1.5300 level so keep that in mind. Like I said before it has some huge zones above it on weekly so it could take some time to turn but looks like we may get a flat from here.
USD/JPY updateUj and chf/jpy both may have possibly completed reversal patterns, but until they actually break out of structure and give some sort of correction they are risky. Huge reward when they go if you have the patience and account. UJ looks buy on TDI on all time frames, but that dollar index can do what it wants where it is at. Looks like buy, smells like buy, but is yen. The real setup was down at trend line. It is testing the "A" level of the diagonal right now so at a critical resistance level.
Eur/AudEA broke the trend line of a 5 wave (what I believe to be a leading diagonal which would correct itself to around area of wave 1 high).....This is the weekly chart. The size of those wicks to the left bother me a little bit and euro strength. It is possible that it starts working down from here, it's been going down while the other euros been going up... Anyways, I see a large sell is coming, but doesn't mean we can't get a correction or a huge spike. I see the longer term trend bullish, but this 5 wave pattern has a high probability of correcting itself. remember, they like to break the trend line. All it did was barely break it. If it is to correct this 5 wave and continue up, it seems like the move down may fairly sharp considering the measurements.... Don't have confirmation yet.
Will Bitcoin Break Out Now? And Something about TA in General!Hello my dear Friends <3
D4rkEnergY is back with another exciting update on Bitcoin. We are at this very moment witnessing a break out attempt - Will the bulls succeed?
Let's take a closer look at the 4h BTCUSD Chart. In yesterdays chart I told you about a scenario, where the bulls had a last chance to go into a reversal. And that is exactly what we are witnessing at this moment - I drew the ascending triangle (in green) for you, and as you can see, they managed in the end to escape.
We are right now fighting with the down channel line (black) and the the downtrend resistance line (dotted black line).
I also told you, that if the bulls managed to get this far, I still don't think they will succeed in the attack (that doesn't mean it will not happen - Ill come back to that later). The reason for that is:
- The 2 resistance lines I told you about before
- 8,5xx USD (red dotted line) huge resistance too
- Overall lack of trust in the market at the moment
As you can see we are in a triangle descending wedge'ish pattern - black dotted lines - and I think, it's more plausible, everything taking into consideration - that we will follow this path down to around 7,2xx USD (yellow line, 78,6 % fib), where we will try another bounce back into a reversal.
IMPORTANT ABOUT TRADING AND TA IN GENERAL
I will say some last words before I wrap up. I can see in the comments, that some people out there, think whenever I make a post and a prediction, that this also means, that I will trade it and go ALL IN with ALL my money on the most likely scenario.
Let me make it very clear. No trader is right all the time - me neither. Peter Brandt, a famous well-known trader and TA-Author, says in his books that the best traders usually only are right 20 % of the time. But THAT IS enough to win in the long run if you know how to manage your money the right way.
My mission here is to give you some ideas, how the market will go, and I try based on historical data and different tools to give you the most plausible scenarios.
If you want to become a good trader you first need to have a good bankroll management. And you should consider carefully when to enter a trade. Sometimes it's just better to be patient. And last but not least we also want confirmation on our ideas before we make a trade.
Thank you so much guys for your love and support!
D4 loves you <3
Remember to give me a BIG LIKE - It really means a lot to me. Thx in advance <3
aud/nzd looks like it wants to form a bigger correctionIt did a small correction for a flag and is going up. If you don't know this pair maybe stay away from it. I don't mind risking a couple bucks on it, but I already have other Aud. Maybe just take a peak at it when Aud news hits later?
Not the greatest set up. As far as GN sell goes,I am just not interested anymore.
EUR/JPY buy may be readysmaller ending diagonal at end of larger one of bottom of supply zone. At least an opportunity for tight entry small risk.
BTC FINALLY breaking out? First of all thanks to @balocik for insight into this rising wedge (ending diagonal).
Inside this diagonal, my wave 5 could also be a wave 3 only and we have a bit more to go. I will short this when I see it breaking the wedge. Conservative target 10k.
This whole 1-2-3-4-5 since 6000 could also be an ABC, that's part of some larger degree corrective wave.
For the bigger picture, I'm not even trying to give the right count since there are so many different outlooks and I'm 100% sure every single trader is very confused, unless they're not objective and see what they want to see. Looks like many people are leaning bullish at the moment but yeah I just can't agree on that with the current situation. I wouldn't mind seeing BTC rise again but come on, lowering the resistance line is not breaking out :) I honestly don't know where this resistance line is exactly is, and it looks like no one agrees on that either but I know for sure we have not broken it (yet?).
My final target is 4k, unless we close this week above 12k (goodluck with that).
4k would really be an extremely good thing to happen for bitcoin in the long run.
It would set a very strong base and probably enter a new fase in it's cycle.
Comments are always welcome
GBP/AUD sellThe way GA broke the high basically creating a 3 wave with an ending diagonal makes me think it may create a large flat pattern here possibly. It has potential to go down much further. It did already create a flag and technically did already complete a correction. It almost looks as though it is making a buy setup right now to extend this flag further, but may not be. I may go with a limit order and a sell stop order possibly.
CAD/JPY buyMay just be a scalp, may be more, I like to try to at least take these patterns to the first low.
