Stellar in a Cup'n Handle of 60%Look at this beautiful cup'n handle, the way we like it, big and easy to see.
The only problem is that today perform 10%, should be better if take another rest before it break the cup'n handle like the red line i draw, that should be great to break with strenght.
Cup and Handle is a pattern that reply the size of the botton to top, in that case 60% and get the target at exactly all time high.
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Stellar is strongly bullishAfter breaking above double bottom's neck-line resistance, Stellar came and confirmed this break as a genuine one and has started to rise again.
The next target for this coin can be 0.5 and also a long trade from the current price can have a 1:3 R:R
Emotional Analysis I have posted recently on Wyckoff, Elliott cycled, Gann education and covered psychology.
The Thing is - as a long time trader, you often see new comers and the assumption is more indicators, more stuff = better results. Take a step back and view this from 30,000 feet. You looking at finding an edge, an edge can be as simple as risk management and positioning yourself with a great risk to reward system.
The problem is, if there was an algo or one indicator that could make you rich. The world would quickly run out of doctors and postmen.
What Elliott, W.D.Gann, Wyckoff, Dow and others clearly understood - was not the technical count on the chart, or if this is a UTAD or a spring event. What they appreciated was human nature - psychology.
I wrote this post to show how the mindset fits into the chart - When everyone started posting the "Wall Street, cheat sheet" and asking - Where are we? I would respond, depending on where you bought or sold. It's not a group thing. Unless you refer to sentiment - which is another topic again.
The issue is - everyone is looking to have their hand held. Indicators can be useful of course. But you cannot depend, rely or only take buy and sell signals.
Make yourself sheep and the wolves will eat you.
Benjamin Franklin
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So whilst people assume The Elliott's and the Gann's where the titans of technical. There's a deeper skill they tapped into. Emotional analysis. When studying Elliott, you can walk through a certain journey of why the price moves up & pulls back. Why it rapidly grows in wave 3 and why the 4th becomes messy. Elliott knew what drove these moves & how the retail traders follow on like sheep.
click link for full article
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Wyckoff and Dow - this is not a lesson on the technical side. It's an eye opener.
Wyckoff could make a schematic of the logic and emotions inside the chart and simply plotted it. Dow, simplified it into 6 market tenets. But either way they knew more about the market psychology than they did the chart.
If you are looking to trade alt coins - you need to understand the project, the team & just like investing in a stock. Get a feel for the company.
This last week, I have seen social media posts about "this guy lost this, that or the other" All blaming and pointing fingers at Musk - the truth is if you need to follow a celebrity for stock picking. Chose another sport. Doctors, lawyers, accountants and many professions take many years just to qualify - why is crypto trading any different?
Professional traders know this - and currently it's like having penguins in the water for the first time, the pro's are the sharks.
PSYCHOLOGY This is all it boils down to.
We assume big brother is watching, we assume stocks, crypto etc all being manipulated. There's often talk about FOMO & FUD. Wyckoff knew this as the "Composite man"
Truth is - retail do it to themselves 90% of the time, trying to catch tops and bottoms. Not learning market phases or cycles and then blaming everyone else for their mistakes. Everyone wants to strike it rich, one trade and millions. Seems to be the mentality. It needs time & proper risk management.
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If you can take a step back and see the market with "emotional vision" switched on, you will see why Elliott & Wyckoff are applicable today - Humans don't change, the psychology and mindset is still the same. Market manipulation is strong and real - it's just not what you think.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Crypto to over take Forex $5Tn a Day next monthI am Bullish Crypto as a whole. Have been investing and trading Bitcoin since 2011.
But as a trader of 21 years, I also know for the Crypto sector to remain healthy and flourish, it needs a couple of things.
Firstly a rest, it does not mean it's changed to Bearish sentiment. However, knowing that over 70% of retail lose money & it would not surprise me if that is higher when it comes to crypto. You can clearly see some bitter words online - especially when you say the words "short or Bearish".
It is for this reason the market needs to take a breather, professional money does not directly equate to flights to the moon.
Some common sense is required, if retail sentiment is mostly long - we have seen a buying climax at a wave 3 extension in Elliott weekly terms. So this move sideways is to be expected and part of the natural market cycles.
We have a tired Bull and a baby bear.
COT leveraged funds are still net short, Retail sentiment net long = who usually wins?
Grayscale still offering the biggest discount for their BTC fund.
This won't happen overnight, some cycles take years to evolve. We are currently mid-way through a genesis wave, which is being turned into a professional instrument in front of our eyes. There will be heartache, there will be pain and of course, there will be euphoric moments.
When Elon stepped up and said Tesla will accept BTC; it added industrial credibility. Other publicly listed firms would have quickly jumped on the bandwagon. Then the pullback tweet happened. This is a speed bump and not the end.
As most money managers (managing funds for the wealthy) do not understand Crypto, Blockchain - they will go with what makes sense on paper, BTC has a track record of insane gains, so their exposure can be protected (to a degree) so when they pitch for more AUM (Asset under Management) from their high net worth and corporate clients, they can tick the "exposure to crypto" box.
This is why BTC is ahead of the curve compared to most of the other coins and tokens as of today. You can see from my last couple of video posts and our streams, the Wyckoff and Elliott schematics are almost textbook in BTC. But as I said above, professional money does not simply convert to "Bull run forever".
The crypto sphere needs some tightening up & again this will be good for the market and sector. Regulators will find ways, the governments will find ways to bring their oppression to crypto. Like it or not, the powers won't take it laying down. Or we will have a world full of bankrupt bankers and Billionaire former postmen & bricklayers (no offense to either profession).
So although it's positive - it does need a rest and this is the logical location for that respite.
Joking with the title - we are a while away from that. But it might happen - one world currency n all that.
We have covered a lot of the charts and logic above, Elliott and Wyckoff in our discord community. Also more streams this coming week.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Recent editor picks in one place! This post is a little different, I have recently gone back into Trading Education and mentoring and wanted to ask what kind of post or info would the community like?
Here's a list of the recent editor picks; some educational content (each link you can click on to go through to the actual post)
1) Gann Fan Tutorial
2) Buying the Dips made simple
3) Simplified Elliott
4) Elliott level 2 - (not an editors pick) but goes after the Simplified Elliott)
5) Quick intro to Moving Averages
6) Simpson's walkthrough Psychology
7) This one is not an editors pick but goes into more depth around the Simpson's post
8) Trading Can be lonely
9) Not an editor pick but some books for when your lonely
10) Bart pattern - no education but had a pick for this one
11) This land is mine
12) Crypto news and updates (last week)
13) How to do fundamental analysis on altcoins
Some other posts worth mentioning
🍒 COT guide -
🍒 Indicators Vs Price Action -
🍒 Using the comparison tool as indicators -
🍒 Interesting news events on BTC highs/lows -
🍒 Did you know S&P now has Crypto index's?
And have you seen a Wyckoff schematic laying underneath a daily BTC chart? This is awesome!
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Got you StellarHello traders and friend,
today trying to figure out Stellar, there is not an easy way to frame it (DAMN).
According to the chart, this projection to the end of the year shows a strong positive trend.
All indicators are in favor of LONGS but with an amazing speculative team.
Watch out for the first breakout (cause Stellar moon fast) then the second and last resistance will be amazing to see where it goes.
Will update ASAP.
MMM (Make Motherf.ckin Money)
This is not an advice, is a very high risk/reward.
XLM/USDT LONGA Solid suppor at the level of ~0.46$
Great volumes at the level of ~0.54$
Hystorical similarities are pretty obvious
I'd rather go with the futures with this one, as the spot profit will not be that big + the bitcoin price is beating ATH every now and then, but don't forget about stops if you go with futures.
The price of 1$ is not that real because of the Huge Market Cap #13.
This is not financial advice, rather my online diary.
XML Next 48 Hrs ScenarioHello all
with the increase in Volume and the last candle we have seen on Stellar we are very positive to move above first Resistance which is 0.38900
we are waiting for the confirmation Candle above R1 which is 0.38900
best Case Scenario next 48hrs XML will reach 0.45
worst case scenario we gonna fall down to 0.37200
if we see a good signal we gonna update this post
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Resistance 1 : 0.38900
Resistance 2 : 0.45
Stop loss : 0.35150
STELLAR- Our chart updated chartOur updates Stellar/dollar chart with key support and resistance levels. Right on major support at this time.
Fundamentally, what I like about Stellar is the fact that they are:
a. a non-profit organization (clever..)
b. very close to the IMF and Federal Reserve
Our research has proved that Stellar Lumen technology could be more likely to be used for CBDCs (Central Bank Digital Coins) than any other competitor, simply for the fact that allready they seem to be working closely with (b).
NO WAY Stellar will go any lower Finally I see multiple confirmation of the alt season, and Stellar is looking very interesting at the current price. Very very very attractive price indeed to earn some Bitcoins
On the chart, black lines are strong Fibonacci cycles and good times to watch for some tops or bottoms in the long run
In red, there are multiple Fibonacci resistance levels. Only break above the last one would confirm the long term uptrend.
#XLM heading to new monthly levelsIt's been slowly falling and loosing its last strong monthly level. It can fall shortly that it could possibly get until 720 satoshis level and then it would strongly suggest a test and a correction. I strongly believe that previous move trend created a strong support and its been respected and now seems that the move will break towards that direction making a recovery move towards the 2130 satoshis monthly level a possibility. I hope that it will test and gain that level and head towards the 2901 satoshis level.