This is a side note continuation about "XABCD Should Extend The Trend!" subject.
This is my real life experience of buying a physical gold (coins, not much quantities, it was my first time doing that). Using my technical analysis for the reason to buy.
In 2013 I bough some gold almost exactly at the time this small Gartley was finished forming (little pointer...
This is continuation of my mini series about "When not to draw XABCD lines" It should be named part 2.
"Picture is worth thousand words"
Not any picture, if there is a picture about how XABCD works then its not worth so much. Almost every book will tell you that it works, but almost none will tell you when it doesn't work.
For me I like to just deduce, not...
This mini chart is about how not to measure XABCD formations.
The simple basic approach is to remember that BC is the biggest correction, is a mnemotechnic way to remember it. If there is another bigger correction like EC you should not classify pattern as an XABCD or you should draw pattern differently using bigger correction as a BC leg. In this chart we can...
Its just funny to me that often people just read the book about harmonics, Elliott, etc. and believe it, not taking serious steps to just question the authority and doing their own research on real market charts.
Why do people believe this concepts so strongly?
They just believe because they believe that if they believe then everything will be OK. That is what...
I do not trade this pair, but as a educational purpose I see this pair going down in upcoming weeks. I can be of course wrong, but even that if I have to trade it I would consider only to trade it by going to the lower time frames and looking for opportunity to sell.
On the chart we have cluster from Fibonacci lines and also we have similar corrections.
There is...
I would risk going long from there thinking that this double top can be negated or complete now. Placing Stop Loss little below 6721.
Lets see if going against it can be any good.
There is possibility that Bitcoin can go down now to 540, or from the test of the lines from 602.53
Stop Loss little above 612.
Look at the comments for better explanation and other charts.
For me I see now Doji, which means that its neutral now (on the Weekly). If chart will show me some more bullish candles on the weekly or more emerging bullish candles on daily then I would be happy to enter on the lower time frames on the upside. If I do not see this environment emerge for me then I will wait for even 1.34387 and look for bullish patterns there....
