Get started
The Graph
Long
Updated

GRT Recovery Rally -Revised EW Idea - buy around 62 cents

515
Following up on my previous idea - The stars are aligning for this idea to work out pretty well if BTC allows for it.

If we want to follow elliot wave rules, we could potentially retrace to about 62 cents, and cannot close more than a wick below that point to follow EW. The 62 cent area is strong support resistance - and is also the golden pocket. The stars really are aligning for this.

I will attach my previous ideas to this for further explanation and details. Plenty of S/R and fib detail in chart.
Trade active
Don't take all of your position off here if you had one from below on GRT - they don't have to retrace it to 62 cents - but it looked likely to me.
Trade active
snapshot come to us!
Trade active
snapshot bouncing from the .382 hopefully it makes its way to the 62 cent area, but no guarantees
Trade active
snapshot doubt it makes it to the 62 cent area - only did a .382 retrace. Next target I would think is around 97 cents.
Trade active
snapshot and again, looking like this idea might actually play out as planned - maybe, lol. I know that it is just an idea, but I feel responsible for putting the idea in anyone's head - so I update as we go.
Trade active
snapshot sure, we prob get 62 cents, but maybe less after looking at BTC, lol.
Trade active
snapshot OK - we can within 2% of 62 cents, and I consider that a hit - next target is 96 cents area.
Note
That is - if BTC doesn't just go into all out capitulation mode - next target is 96 cents, lol.
Trade active
snapshot this served as a good quick in and out trade this morning - but will it be any more than that?? things are quite interesting right now.
Note
If 62 cents does not hold, I'd be looking at 55 cents as a potential entry. BTC may be going back into all out capitulation mode, though. So please don't buy and not manage your risk.
Trade active
I'd of cancelled trading, but I will wait until we break the 62 cent support to close this. The total market cap chart and the BTC chart have broken out of rising wedges, and I don't expect the markets to continue the rallies, tbh.
Trade active
snapshot bounced nicely again off of .6286
Trade active
So far so good! I was really sweating it there for a bit! They've actually only sent wicks close to that area, too, so this idea is still valid as EW, too. Crazy!
Order cancelled
snapshot I don't think this is going to play out as a big bullish recovery rally, honestly. BTC is probably going to do its next capitulation move soon IMO.
Trade active
snapshot The BTC side of GRT looks like it wants to flush, too. They're still playing our with BTC right now, and it is anyone's guess if they choose to continue distribution or if they decide to do a big recovery rally. I put a close trade on this last night before falling asleep because BTC had closed as a shooting star...and lo and behold, they're still bullshitting around with it this AM.
Note
snapshot You could still say the BTC side looks like a bull flag, too.
Note
I'm still not issuing a resumption because IMO everything still looks quite sketchy.
Note
snapshot I still have a position in GRT - the BTC side looks like it may pump - but everything is at your own risk of course.
Trade closed manually
snapshot bearish shooting star close again on BTC on the 240. I only have house money in personally. I'll only be giving back profits if I get stopped out - I'd recommend something similar.
Trade active
snapshot Bwahahaa - I tell the market makers I am using house money, and they break the 70 cent resistance - the BTC side is showing that they will prob re-test the 70 cent resistance.
Trade closed: stop reached
The house money that I had remaining in was stopped out. The elliot wave idea is obviously invalidated.
Dawnchorus
Elliott WaveFibonacciSupport and Resistance

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Elliott WaveFibonacciSupport and Resistance
Dawnchorus

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.