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A Tale of Two Counts: BTC finally showing its hand?The weekly chart is clearly showing momentum in a downward direction. Green count has BTC testing the .382 retrace of circle wave iii before going to complete the green wave (3) of a larger degree. Note green wave 4 tested the .382 retrace of the minor green wave 3. Price needs to turn up fast and strong for Yellow count to stay on the board. The weekly MACD should be giving everyone some pause since its not even curling up. Also, the monthly MACD is crossing over down for the first time in a long time. Momentum is fading from what I believe view as an epic B wave rally with the micro counts showing the formation of a green count downside set up. Yee be warned! #AllMeasuredMoves #NotAdvice #Not Recommendation #IDontEvenInvestInCrypto
BITSTAMP:BTCUSDShort
by Nailed_it
Becoming a Successful Trader is a Process of EliminationBecoming a trader is not a journey for the faint of heart. Becoming a successful trader is ultimately an act of determination . Not unlike the titular character of the John Wick trilogy (Quadrology? Pentology?), we traders have to be "a man of focus, commitment, sheer will." (and I'm certainly not being sexist... this goes for you female traders as well!) We have to get up early, stay up late, follow a routine, backtest, journal, rinse, and... repeat... and repeat ... and REPEAT . Focus . Commitment . Sheer will . Ultimately, the journey of becoming a successful trader is a process of elimination, not much unlike Michelangelo sculpting his great masterpiece, David, from a mediocre piece of marble . Reportedly, someone asked the artist how he made such a magnificent sculpture from the hulking slab of what was a previously abandoned project – literally a 'leftover' piece of marble. His reply was "Simple... I just chipped away all the parts that weren't David." Likewise, the successful trader we want to be is inside us... we just have to chip away all the pieces that are "un-traderlike". Early in my trading journey I had several friends, who career-wise, were in "high places", who tried to convince me that the road I was about to travel was a pathway to failure. One is a fund manager who oversees 8-figure retirement accounts for wealthy clients. Another friend is an industry recognized globetrotting auditor for Fortune-100 clients. Another friend was a nuclear engineer. (All smart cookies, right?) All three tried to sway me from my plans of becoming a trader by recounting stories of friend after friend who lost their homes, lost their fortunes, lost their marriages, lost their minds, etc. after losing their proverbial shorts in the markets. Their universal theme: "Trading is a path doomed for failure. It's legalized Gambling! Nobody makes money trading." Well, friends, just watch the news... somebody is making money in the markets, and the secret to success is to do what successful people do. My motto: "Do what successful people do, get what successful people got." Just because you are a successful accountant, a successful investor, a successful nuclear engineer, it doesn't make you a successful trader, and it's hard to take advice from someone who you respect, but has no experience in the field they are pontificating on, saying, "you can't make money doing 'X' " if they themselves have never done it.  I'm not going to listen to my brother for financial advice... he's broke. I'm not going to listen to my uncle for marriage advice... he's been divorced 3 times. I'm not going to listen to my brother-in-law for business advice... he's started and shut down 10 businesses in 5 years. Likewise, I wasn't about to listen to anyone, friends and family included, who have never traded tell me that I can't become a successful trader. It is said that you are the average of the five people you spend the most time with . If we want to become successful at trading, we have to associate with successful traders ... and we have to simply do what they did to get what they've got . We not only need to take on certain new behaviors and attitudes... more importantly we have to stop doing certain activities and stop believing certain things to start heading in the direction we want to go in our trading, or any aspect of our lives for that matter. These are the things that are preventing us from being successful. We have to take away all the "bits that aren't trader-like" and become the magnificent trader we are destined to be. This is a simple process of elimination. Elimination Point 1: Eliminate or limit relationships that do not support you and your goals. I had to 'eliminate' or limit some relationships (as mentioned above, people who never traded before trying to tell me that "nobody makes money trading"), and establish new relationships (those among the trading community who are successful at trading) and follow in the footsteps of the successful. One of my mottos as I alluded to before is: "If you do what successful people do ... you will get what successful people've got ." Why spend time with or take advice from someone with literally zero experience in a field they feel qualified to pontificate about?) Just look at all our FaceBook "friends" who think they're qualified to give advice on immunology, virology, or geopolitics of the Middle East. Turn that noise off... Ain't nobody got time for that!   Elimination Point 2: Eliminate or limit activities that do not move you forward in your goals. I love movies. One of the reasons (well, the primary reason) I built my home was that I could build my dream home theater in its massive bonus room. It has 2-tier seating, a 144" projection screen, an ear-splitting loveseat-pounding surround sound system, custom cabinetry, and so on... I would binge TV shows (7 seasons of 24, 5 seasons of Breaking Bad), I would have Movie Marathons (9 Star Wars films, 6 Middle Earth movies, 8 Fast & Furious films) and host monthly movie nights with our friends. Other hobbies included woodworking, writing, getting on the JetSki several times each week, not to mention all my other 'commitments'. We live fast-paced, hectic lives full of 'good' things. However, our glasses are full . In order to add "developing my trading skills" to our glass we have to "empty" that glass of 'good' things in order to make room for 'better' things. This can be a very difficult thing for us to admit: We have to sacrifice the "good" for the "better." My movie routine is now simply Friday afternoons with friends and a twice-a-month movie "date night". I'm not on the lake as often as I'd 'want' to be but I'm still getting out on the 'ol SeaDoo. I haven't done a recreational woodworking project in a long while. Freeing up or reorganizing my time gave me the ability to spend at least four (and sometimes eight) hours per day to hone my trading skills and develop my own consistently profitable trading system... Every day we need to focus on whittling away bad habits and building on good habits ... Every day we need to build our trading psychology from "I hope I can trade full time someday" to "By doing what these successful traders are doing I will get what I deserve after my consistent efforts in short order!" We need to change our commitment level from "I'll find time to fit in learning how to trade when I can" to "I'm committing the time to develop this skill in order to never be dependent on an employer, customers, on the economy, ever again!" And day by day I and my fellow traders who followed this philosophy alongside me were committed to build our trading performance from a 20% win rate, to a 40% win rate, to a 60% win rate... to where we now have a reliable, consistent income from the markets. Elimination Point 3: Eliminate all education channels but one: Become an education minimalist.  One of the blessings of the internet today is the plethora of information available about trading. One of the curses however is you can easily find yourself "spinning plates" jumping from guru to guru, watching video after video, following technique after technique and six months later after spending hour after hour doing all that you find you are no farther ahead in your trading journey than when you started.  (I speak from personal experience!)  I one day decided to simplify : simply look at the trading styles of all my favorite traders and choose one single trading method which I thought would be the best fit for me. My goal was to turn my light bulb into a laser . Fun fact: a 5-watt light bulb will barely keep a muffin warm. A 5-watt laser will cut through steel . If you focus all of your energy and efforts into one spot , you can literally burn through the barriers that have been holding you back from becoming the trader you want to be, the trader that you need to be. What one technique do you know, which one mentor or trader do you respect, which one timeframe can you focus on, what one market will you trade over and over until you have the win rate you need to take your trading full time ? Elimination Point 4: Excuses. Eliminate them! It has been said that "Excuses are reasons wrapped up in a lie." We can all justify, give a 'reason' for why we can't wake up early, why we can't stay up late, why we can't carve out 90 minutes per day to develop our skill, why we can't commit that first $10K in capital, why we can't join that trading group...  You can make Money , or you can make excuses . You can't do both. Find the reasons you can and will do what you need to do to get what you are committed to get. Put together a playlist of inspiring music. Put your alarm clock on the other side of the room. Read The Miracle Morning . (More importantly, don't just read it, DO the Miracle Morning!) We don't have the time to do everything in the world that we want. But we do have the time to do everything that we need to do that is important . If you "don't have time" to trade or develop your skill to the next level then it's just not "important" enough. If you really want to be a successful trader, (the great) it has to be important enough that it will usurp the time previously committed (or squandered) on other activities (the good). Take 15 minutes to look at what people, activities, excuses, you need to eliminate or limit, and what habits, routines, and relationships you will add or magnify in your life. Then put those items on the calendar and as the most successful ad campaign in history commands, "Just Do It!" Trade Well!
BITFINEX:DOGEUSDEducation
by ocaptain
108
EurNzd Elliottwave chartThis is purely so I can practice for my elliottwave exam. This could be a wave 5 move of the greater trend, or this could be a wave 5 of the wave 3 of the impulse. I am more convinced that this is the wave 5 of the greater impulse since we have seen a move to the 1.65, which is the usual wave three target. This seems like an impulse since it meets the following critere: Broke out of the base channel Can not be contained within parallel lines A 5 wave move, followed by a 3 wave, followed by and extended 5 wave move and then a 3 wave. The wave 2 and the wave 4 show the alternation guideline. Wave 2 is short and a zigzag, where as wave 4 seems to be a longer flat or triangle shape. Target for this trade is 2.414-2.618 range. Expermenting with time analysis Since the wave 4 divides the impulse in fibonacci time and or price, I am assuming that the end of the wave 4 means the wave is 0.786% done. I expect that the final wave should end April 7th 2021 at 12:30 or sometime between 8:00 and 13:15
Long
by Mika_k
3 techniques that will take your trading to the next levelHello traders, In this post I will briefly overview three important techniques in psychology of trading: - IMMERSION - EMOTIONAL REPROGRAMMING -ATTITUDE OF GRATITUDE Consider these three point, practice them every day. You don't have to spend plenty of time on these - at least half hour per day. Your psychological aspect and overall understanding psychological level of trading will shift and you will become better. Remember, consistency is they key no matter what. Good luck.
BITSTAMP:BTCUSDEducation
by Sharkethics
XAGUSD IDEATBH first time ever trading silver, heard a lot and it looked promising. so after 2 hrs staring at weekly and daily and hr time frames, I was able to form this. predicting that price might continue the long trend or retest the drawn arrows and either break structure to a NL or continue up after correction. I'll be placing a sell limit @27.475 with a small SL around 27.620 (where price got rejected over multiple time frames, and I'll be willing to take profit @26.885 (few pips before support point) please let me what you think and if you have any idea on what indicators should be used here or what time frames are best judge for price action? cheers
OANDA:XAGUSD
by Mrcheri
MONEY BOTH WAYS - IS THAT OKAY?Many people have asked me what I'm doing and how I'm doing it. Basically - it's very different. This is an educational post. I'm an open book - no secrets. This methodology is a bespoke trend following strategy. It loses! You got that? It also wins. The job of a trader is to use any methodology to limit losses and maximise gains. That only comes with lots of practice. It doesn't matter which system you use. Perfect our skills on paper trading accounts - Tradingview has an excellent free paper trading account. Blow up no fewer than 10 of those. 😃😂 Seriously it's a good idea to do it that way. But in my own methodology, I've noticed that when following a trend it is a good idea to take profits in a sudden deep RSI if going short (and very high RSI if long). The rebellions nearly always comes. In this 2H strategy would be nested other trends on say 5 min or 15 min. Those who need to see more can check my scenario on Gold. I also combine 'theory of curves' in my trend expectations (not predictions). I predict nothing in trend following. How would I know how far the trend is going? I can't know! See also EURAUD 1H Disclaimers : This is not advice or encouragement to trade securities. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
FX:GER30Education
by Captain_Walker
AUD/USD 1hr MARK-UPThis was a mark up was on 9/30/19 - 10/3/19 I didn’t take any trades. I was simply practicing my analysis and see where i was heading with this. 4hr and the daily showed a confluence of the 61.8 and the 38.2 matching and where price continued to fail to the and make its way to the downside. With the overall view of the daily showing two pushes to the downside and the 4hr showing the same showed me that there could be a possibility for price to head and the same direction. With the daily showing a complete down trend and also doing my analysis on the daily and the 4hr. It made me believe that there will be a bearish trend continue to happen on the 1hr. the candles of the bulls where weakening while the bears where continuing to dominant them. It broke the HL sequence while it made new LL. With price at (.68012) Where the pull back is just 10.2 pips shy away from the fib 38.2 it still qualify in my rules for a pull back which gave us a continuation of the bearish trend and for price to keep going at the direction of the market. plus it hit a resistance level with the 38 as well. Looking forward Also with the resistance level and support level you can see a small Consolidation within a range. I was looking for the resistance level to be tested by price and to break out of Structure . If price come to test that level and respects it we would see the push continue within the box, breaking the previous low which at (.66875) which was at support and break the trend line and retest it and fail down to the downside before turning over to the opposite direction which is bullish. So allowing the price to finish box 2 projection before tuning over. I use news as a references, i don't trade with the news. But the FED cuts and the employment rate cuts in Australia also had a impact on the market as well for it to continue it in a bearish market.
by UnknownUnicorn891995