Topic: One type of trading strategy - page 2. (Read 383 times)

The strategy for trading is not always going smoothly, because there are so many situations and conditions that are not predicted beforehand. various surprise news requires that we can make decisions in situations that are as difficult as possible. a trader is required to be able to act carefully, deftly and quickly. for me the most important thing is the ability possessed by a person and not a strategy that will determine the success of a trader.

Except there is some support before the low after Wave1, I don't see this situation being true. The price ought to crash more for the second Wave to begin. I mean, something has to sustain a crash and in Wave2, there isn't anything as such. The same thing happened with Wave4. Price ought to have retraced to where the RED line showing HIGH before continuing upward but it didn't happened. I am a TA person but I don't favour the Wave trading pattern because it's more like a guess work.

This type of trading and the trend on the photo, is what I saw on many investors and professional traders. It's common and usually it is happening again. We don't know that cryptocurrency is bound on history also. Just like the trend on reaching an ATH and then will fall and eventually it will consolidate.

technical analysis works and does not also , not always those patterns and everything works we should be know market sentiments and having knowledge about whats happening  is good

I can't say I like these technical analysis tools, like Eliott Wave Patterns. They work so fine in hindsight BUT they DON'T work at all in live trading. At least to me they have never worked. I would like to be proven wrong by someone showing me how he trades Eliott Waves in live broadcast. The reason is, Eliott Waves can't be identified at all in live trading. Only afterwards, looking back in time these partners can be shown. If they can't be shown at the current time freame, then just switch to another time frame and search them there. I'm sorry to say but not very useful.

Many of you must have seen this wave in the last time, I have one of trading strategies if you see wave like that,

https://i.imgur.com/OceXsw2.jpg

Eliott Wave Pattern 5-3
Wave 5 pattern is called impulse wave. The push wave moves to form the main trend, while corrective waves move against the general trend. Waves 1, 3, 5 are called waves of motivation or motives, while waves 2 and 4 are corrective waves.

The meaning of each wave (bullish):

Wave 1: Price makes an initial movement up. This is usually caused by a small number of people (for various reasons, whether real or figurative) feeling that prices are at their lowest, so this is the right time to buy. This causes prices to rise.

Wave 2: At this point, quite a lot of traders consider the price to be too high then act to take advantage by selling it. As a result, the first profit taking and correction occurred.


Wave 3: These waves are generally the longest and strongest trend. In this phase,
fundamental news and technical trading signals have attracted many traders. As a result, prices will soar, usually prices will soar higher than during wave 1.


Wave 4: In this phase, some people take profits, and feel the price is nearing the peak. But there are some people who still think that prices are still in an upward trend, so these waves tend to be still weak.


Wave 5: This is the phase where the price is too high to buy, and the power that is able to keep prices up is due to mere of hysteria.

Note that the length of each wave is not always exactly the same as the comparison in the picture, it can be longer or shorter, that is natural.