TradewithLu

TradewithLu

A Conservative target for this short would be around $0.85. The risk:reward ratio is 2:1 which is solid but the stop loss is 18% away, so its probably only a good idea to use a maximum of 25% of your total capital on this trade to cap your loss at around 5%. Let me know your thoughts!

TradewithLu

Short Entry price = 10.287 Stop Loss = 11.644 Take Profit = 8.239 Risk:Reward = 1.67 Reasons for entry: 1) 5 waves according to Elliott Wave Theory indicate a reversal ahead. 2) Bearish divergence on MACD and RSI 3) Much lower volume during the 5th wave compared with the 3rd indicates a reversal ahead. 4) Bitcoin has been trending lower meaning this 5th wave is...

TradewithLu Updated 

I have gone short again with 1x this time with a maximum loss of around 4.5% and a target profit of around 8%. I ended up taking a tiny profit after yesterdays trade as the market did not break down as low as I wanted. I think we have now finished the upward trend and it will break lower from here. Why will we break lower? 1) Wave (iii) was almost 2.618 x wave...

TradewithLu

There are major bearish signs for bitcoin at the moment: 1) Bearish divergence on the 1,2,3,4 and 6 hour time frames on RSI and MACD. 2) There are 5 waves to the upside that can clearly be counted on the 1h chart. 3) There is a head and shoulders pattern as you can see with the left shoulder labelled as 'LS', right shoulder 'RS', and head 'H' in the analysis. 4)...

TradewithLu

Despite the recent bullishness of Bitcoin from 29.4k up to 34.6k, the medium term outlook seems bearish so far. In this analysis I have 2 scenarios, one bullish and one bearish, the bearish being the more likely at the moment imo. Bearish View: It seems that the price is forming a 'Flat ABC' correction to the upside (shown by the orange ABC labels). According...

TradewithLu

Have you ever seen a more obvious bullish divergence on the RSI and MACD???!!! Bullish divergence (BD) = lower low in price but a higher low in the indicator We are seeing this BD on the daily time frame on Bitcoin which is extremely significant and implies that we are going to see a nice rise in the price very soon

TradewithLu Updated 

Hey all, so the (5) waves played out downwards as expected and we ended up with a beautiful reversal from the low of wave (5) at 28800 (BTCUSDT Binance). From here on I think the trend will be bullish with a minimum target of 40k that I think is a pessimistic turning point for the market. There are two major downward sloping trend lines that need to be broken...

TradewithLu

It looks like wave (5) has ended with a 0.786 extension of wave (1) as all 5 waves have completed in wave (5). This means that wave (5) was shorter than I initially expected as I was prepared for a drop to 30k. I have gone long on Ethereum from here as prices should enter an ABC correction to the upside from now. A conservative target for this long is the end...

TradewithLu

I am bearish over the next 10 days as I think we still have one more push down to complete this 5 wave move. There is the potential for one last push up to around 41k - 43k and if that level holds then this large 5th wave could start moving down. Alternatively, the bulls may not be able to hold up the pressure from the bears and liquidations could cause a chain...

TradewithLu

BTC is looking bearish. It cannot get higher than the lower resistance of the triangle that it has been attempting to break all day. This is a pretty nice risk to reward ratio so I am taking this trade. If I lose I stand to lose a small amount compared to the potential gain here. Other reasons for going short here are based off Elliott Wave Theory which...

TradewithLu

Simple 5 wave count on the 2-hour chart here. I have set my limit buy order where wave (5) is equal to wave (1) taken away from the end of wave (4) Entry 9526.78 Take Profit 10141 Stop Loss 8907.08 Let's go!!! Good luck on this!! Not financial advice - take this trade at your own risk - I am not responsible for any gains or losses that you may incur

TradewithLu

Great opportunity here to take advantage of bullish divergence during a bullish market. Wave 3 was almost exactly 1.618 * wave 1, so Elliott Wave Theory states that wave 5 will be around the same length as wave 1. I am waiting to see a higher low on the RSI and MACD histogram while seeing a lower low in price to confirm entering into this trade (on the 2 hour...

TradewithLu

Buy zone = 11520 to 11460 Stop loss = 11441.57 Take profit = 11548 to 11596 I am looking for bullish divergence on the RSI and MACD to confirm the entry to this trade. I like this trade a lot because there is also an upward trend line that will act as a support if the price drops down to it. I will take this trade with my own money - this is not financial...

TradewithLu

It looks like Bitcoin could be forming an ending fifth wave diagonal that signals a potential sharp reversal to the downside ahead. For this to be the case, the price needs to push up to the local highs at around 12400 before dropping sharply. If the price pushes up once more, I will look for bearish divergence on the RSI and MACD histogram as extra confirmation...

TradewithLu

It seems as though the 5th wave is forming here (on a daily time scale) so I think it is a good time to start laddering a short position. My entry is between 1800 and 1880 with a stop loss at 1931. I have taken this trade and have put real money in, so best of luck to anyone else who takes this one, any questions and would be happy to answer!

TradewithLu

This ended with an ending 5th wave diagonal which means that I can put in a tight stop loss at the place where wave 5 of 5 becomes longer than wave 3 of 5. The reason why I can do this is that wave 3 cannot be the shortest, so at the price where wave 3 becomes the shortest, this is where I have put my stop loss. The take profit is between the 0.236 and 0.382...

TradewithLu

I have already entered this trade with an entry price of 5475.7. My stop loss is at 5560.4 Take profit is 5361.3 The risk to reward ratio = 1.351 I am about 70% confident with this trade, so I have lowered my risk a bit on this, and if the price does drop to my take profit I will go long from around the price of 5360, so keep an eye out for that analysis.

TradewithLu

I have already entered this trade a bit earlier, so I apologize for the late publication. The risk to reward ratio is not very good on this trade, so I would not recommend taking it now. I have published the idea so I can look back on the trades I took to learn from any that did not go the way I wanted to. My entry was at 5482 Stop-loss is at 5563 Take profit is...