Critical Levels - EW analysis - page 97.

chessnut

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Quote from: karol on November 06, 2014, 06:29:20 AM

Hi chessnut,

What do think about current situation - do we have end of correction of yestarday small up trend now or it is still going or didn't even start yet?

We need more evidence to tell. my gut says we are not finished the correction but bfx breaks new highs...

karol

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Hi chessnut,

What do think about current situation - do we have end of correction of yestarday small up trend now or it is still going or didn't even start yet?

chessnut

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Quote from: Carra23 on November 05, 2014, 07:44:14 PM

Quote from: chessnut on November 05, 2014, 01:44:48 PM

We have made a significant breakthrough that is confirmation of truncated wave V or terminal wave B as expected. This means I am expecting a relentless rally to at least 3000yuan.

Bold prediction. Wishing it would come true

Quote from: chessnut on November 05, 2014, 02:30:52 PM

I think we should expect this. a 0.618 retrace would be an epic buy opportunity.

Any timescale for this?

the rally to 3000yuan could take a couple of weeks........ the 0.618 correcton could take 12-24 hours though cant be sure it is under way yet.

Carra23

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Quote from: chessnut on November 05, 2014, 01:44:48 PM

We have made a significant breakthrough that is confirmation of truncated wave V or terminal wave B as expected. This means I am expecting a relentless rally to at least 3000yuan.

Bold prediction. Wishing it would come true

Quote from: chessnut on November 05, 2014, 02:30:52 PM

I think we should expect this. a 0.618 retrace would be an epic buy opportunity.

Any timescale for this?

chessnut

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I think we should expect this. a 0.618 retrace would be an epic buy opportunity.

BitCoinNutJob

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Interesting, so i can get all excited now that my bitcoin is at least going to gain 33%.

I want ATH though Grin

chessnut

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We have made a significant breakthrough that is confirmation of truncated wave V or terminal wave B as expected. This means I am expecting a relentless rally to at least 3000yuan. after this we might retest lows or simply continue to a new ATH.

The market is over extended but we are still so early into this rally that for low leverage traders the risk/reward to buy in this area is still good. Ill be looking for a great buy signal on a dip, but chances are any dips will be shallow from here on and to ride the whole wave we will need to tolerate a stoploss at around 1980 level.

chessnut

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With a triangle forming on the smaller scale as wave iv, This is the game plan.

EDIT: as the triangle has broken downwards we need to stay above 2009 (wave i) to keep the impulsive count.

chessnut

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This is what I expect to unfold roghly. Although we would have more confidence buying the buy zone if this goes to plan, there is a lot to be said for going long now while it is in the expected buy zone. we are expecting a shallow wave iv as wave ii was deep.

if you get in comfy long here it could be a great medium term holder.

RyNinDaCleM

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Legen -wait for it- dary

Quote from: biggus dickus on November 04, 2014, 08:28:50 PM

Quote from: BrewCrewFan on November 04, 2014, 08:25:08 PM

I see desperation trying to keep that price under 2030 on Okcoin

nm broke though it finally.

It just spiked up from $330 to $338 on bitstamp, and the funny thing is it didn't take many buy orders to get there.

"In Bitcoin, it's better to buy 1BTC and move the market $10 than to buy 10BTC and have the price move $1." -Typical market participant

biggus dickus

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Quote from: BrewCrewFan on November 04, 2014, 08:25:08 PM

I see desperation trying to keep that price under 2030 on Okcoin

nm broke though it finally.

It just spiked up from $330 to $338 on bitstamp, and the funny thing is it didn't take many buy orders to get there.

BrewCrewFan

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I see desperation trying to keep that price under 2030 on Okcoin

nm broke though it finally.

chessnut

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buying any dip here is a good shot for the opportunistic trader.

chessnut

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So yesterday I illustrated that even though the reaction to local lows was not impulsive (abc) the bigger picture was bullish and pushing for reversal. after failing to break new lows we have had a nice little rally extinguishing a lot of the momentum of the slide from 2140. We have a lot of divergence in this area. This is not consistent with a wave V count other than a truncated count. This may still fit into a wave B analysis as my friend Ronald _Bringer nicely illustrates here.

https://www.tradingview.com/v/OEL1d6sI/

I will be looking to signal long on the breakout of this triangle if it plays out nicely, or on the breakout of 2020.

Raystonn

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Quote from: biggus dickus on November 04, 2014, 07:01:01 PM

Do you think it's possible the price hit the bottom when the bear whale dumped?

Anything is possible at Zombocom!

chessnut

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Quote from: biggus dickus on November 04, 2014, 07:01:01 PM

Quote from: chessnut on November 04, 2014, 06:55:05 PM

Quote from: Carra23 on November 04, 2014, 05:55:43 PM

I am assuming you are in a long position now? Or holding out for more time to see which way that wedge resolves?

Yep I am long from 1970. At this level I would wait for a better signal before suggesting long. I will be giving a long signal if this plays out nicely.

Do you think it's possible the price hit the bottom when the bear whale dumped?

Yes, I do. but there are other options. if you wade back through the commments you will find there are two options, we may be in wave B or wave V truncated. in the case of wave B, we should revisit and maybe exceed the 270 lows.

biggus dickus

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Quote from: chessnut on November 04, 2014, 06:55:05 PM

Quote from: Carra23 on November 04, 2014, 05:55:43 PM

I am assuming you are in a long position now? Or holding out for more time to see which way that wedge resolves?

Yep I am long from 1970. At this level I would wait for a better signal before suggesting long. I will be giving a long signal if this plays out nicely.

Do you think it's possible the price hit the bottom when the bear whale dumped?

chessnut

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Quote from: Carra23 on November 04, 2014, 05:55:43 PM

I am assuming you are in a long position now? Or holding out for more time to see which way that wedge resolves?

Yep I am long from 1970. At this level I would wait for a better signal before suggesting long. I will be giving a long signal if this plays out nicely.

Quote from: karol on November 04, 2014, 05:35:11 AM

Hi how are You set up yout stop loses, take profit and in which price did You buy?
What do You think about current situation - do You consider market depth in Your assumptions, becouse bid side on stamp seems to be powerfull

When I offer trades I always specify good stop loss levels and profit targets.

I dont really look at market depth in my analysis. it's not useless, but I just dont. I have found it doesnt really help EW analysis.

Carra23

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I am assuming you are in a long position now? Or holding out for more time to see which way that wedge resolves?

karol

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Quote from: chessnut on November 03, 2014, 10:54:46 PM

Quote from: mmortal03 on November 03, 2014, 10:27:26 PM

Quote from: chessnut on November 02, 2014, 09:51:52 PM

While I saw this bounce coming from the 1970 level, it's too bullish to short for probably some time. Im hearing news of a speech or something..... lets see.

I might as well try to short it anyway, as a gift to everyone (given my luck has tended to fail me so far this year).

This trade is well over... it was a good short term scalp but I am actually long now.

Hi how are You set up yout stop loses, take profit and in which price did You buy?
What do You think about current situation - do You consider market depth in Your assumptions, becouse bid side on stamp seems to be powerfull

Topic: Critical Levels - EW analysis - page 97. (Read 355104 times)