$TLM- Learn This Pleaseee!RANT:-
Okay... I am doing this today
And i choose TLM chart because i got so many inbox asking me questions on whether it will go up or what is the target end of the year... What??? i am not a prophet ! Why do you guys like those kind of prophecies? Crypto doesn't work by those rules but rather history ,trends, news and events...
There is a reason i post all i know about TA/FA on TV without billing anyone from it.
When i started off newly in crypto, i got ripped off of the little resources i have because i didn't learn the simple trading stuffs like candle stick patterns, resistance and support, and waves so i decide i am going to be putting out TAs/FAs as much as i can so that some of you don't waste your money enriching those OGs who wants to keep up with their luxurious lifestyle off your little resources. I came from a 3rd world country, so those little $$ is very very important.
I am not saying if you have a trustworthy signal call group where you can benefit immensely, you should not take the advantage but at least understand this simple trading tools so that you are not going to be looking for who to blame. It is your money and you MUST learn money management and apply some risk control especially when you are in a high volatile market like crypto. And most importantly ,PATIENT!!( lol! even i am still struggling with this one sometimes)
So if you are seeing those little sketches, they are simple wave patterns that every trading asset goes through and its now left for you to recognize them when it is happening especially on a HTFs (i use 4hrs and Daily most times).
Assest moves in a wave like pattern...they go up and they go down like that. I am only going to talk about major types of wave you need to know as simple as i can..
1. Elliot Impulse Wave- A wave that moves up in an ongoing upper trend
2. Elliott Corrective wave- a wave that moves against an ongoing trend line i.e in opposite direction which usually begins at the end of Elliot Impulse wave.
FIG 3- We have Elliot impulse wave which moves with a trend line and it is 5 types (1,2,3,4 and 5) and inside this 5 waves, each of them also have sub waves of 5 or 3 as shown in blue and purple colors . wave 2 and wave 4 are pullbacks s and usually good for entry point if you are scalping or daily trading. or even swing trading. If wave 4 swings below wave 1,then it has invalidate the uptrend and now goes into Elliot corrective impulse Waves where have 3 waves (A,B &C) or ABCDE.
Wave 3 is usually when the price rally so high with increase volume where as wave 5 is usually the last leg before the decline into corrections which unfortunately is where most noobies enter the trade or where FOMO begins . smart traders always sell into wave 3. and buy at wave C of corrective waves or wave 4 and sell immediately into Wave 5 or even wave 1 which is usually the end of wave C and sell into wave 3.
FIG 1 & FIG 2- We also have corrective triangle wave patterns like A,B,C,D & E that usually happens in wave B of Elliot corrective wave ( i.e .ABC) and wave 4 of Elliot impulse wave (i.e. 1,2,3,4 & 5). when we have triangle patterns like ascending triangle ,descending triangle etc that usually results in bullish flags or pennants, bearish flags or pennants as shown in the Fig 1 and Fig 2. Take notice of the direction of the movement in the figures to know when it is bullish and bearish.
Fig 1 and 2 usually happens in wave B of Elliot Corrective wave ABC and wave 4 of Elliot impulsive wave 4 of 1,2,3,4 & 5 as previously mentioned.
This is a lot but i hope i have explained this as simple as i can so that you can stop asking these annoying questions like "ooh ! why is TLM dumpin ?" ooh .."why is it going down?"
What we do here is trade patterns .Study them so that you can understand the charts and trade wisely instead of jumping into trades because someone said it is going to be $10 by Dec or $100 by Feb... Also argument this patterns with Fundamental analysis...news and events.
*Sighs*
I hope with this you can understand how TLM is moving right now.. I think it is currently in Elliot impulse wave 4 or is done for now and is retracing for correction into wave A (of ABC). But i love to think it is the former but will need today candle closing to confirm this but whichever way..it is trading okay and reacting with the news, btc and currents events..
Happy Thanksgiving!!
