Did you get into GEO after reading this post?
https://steemit.com/geo/@haejin/geo-coin-is-only-two-waves-away-from-blast-off-target-usd29-38-or-higher
Well, I did and shortly after I started regretting it.
Reflecting on this, it served me well and taught me some valuable lessons.
1st: I got greedy and did not place my buy ladder properly. I did place lower buy orders but bundled the ones above current price into 1 single order. At that time since I was so sure that coin was going up I thought I was going to make more profit, but as we all know the price took a dip and I ended up with more Satoshis committed to this coin that I needed to. Also my loss is higher in percentage than it would have been otherwise.
2nd: As explained in the Elliott Wave principles (summing it up using my own wording), triangles are usually patterns that appear right before the final move of the current trend, tipically as wave 4 of an impulse or wave B in a correction.
At the time I decided to buy, GEO had gone through a clearly identifiable 5 waves impulse and it was natural that a correction was required.
Yet, I did not sell since I had not committed a large amount of my portfolio to this coin.
Instead, I decided to hold and study this correction as a way to learn.
As much as theory and talks are helpful, I believe that it is through experiences that one learns for real.
Now that the correction seems to be over, I have labelled the correction as follow. (Z is a possibility but not my primary count).
I am still confident that GEO will recover, triangles are bullish patterns and we can see plenty of them.
The last triangle in this analysis is I believe a wave 4 from the green wave 1.
Edit 1: the correction screenshot after noticing the count was wrong.
Edit 2: adding the below disclaimer.
Disclaimer: Statements on this site do not represent the views or policies of anyone other than myself. The information on this site is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell assets.
"I got greedy and did not place my buy ladder properly", love it, this is how we learn
and as to Eliot waves, there is a long way ahead of me...
Happy Steeming and Happy Trading, and thx for your follow, you got mine too
Thank you cryptoclick!! As a new steemian your comment feels like a ray of sunshine !!