November 23 Update --- Trade setup is over with 100% accuracy on both targets:
Target 1 was $1375, we hit $1355.
Target 2 was $1600, we hit $1620.
Only $20 off on both targets. Congratulations to everyone. You've made IMMENSE profit. Remember that it's not my charts or advice that won you your profit. It's your taking charts into consideration with a grain of salt, then exercising your own judgement, while improving your game overtime by cross reference your TA with others. I'm happy for you all. I'm 3/3 nailed with BCH. First to $2800. Then correction to $850. Then T1 - 1375 and T2 1600.
November 23 Update Over --- Trade setup over.
Ignore time frame always on my charts. I don't trade to guess time frames. I trade by price action and play it by ear. That EW drawn on there was just an example. So don't take it to heart.
Two setups with different RR/Target with same entry:
SETUP 1
Risk to Reward Ratio 2.81:1
ENTRY PRICE = 1150-1200
TARGET 1 = $1375
STOP LOSS = $1100
PROBABILITY = 70%
CHAIN TO GAIN = 17.26%
CHANCE TO LOSE = 6.15%
TIME FRAME = DAYS TO WEEKS
SETUP 2
Risk to Reward Ratio 5.7:1
ENTRY PRICE = 1150-1200
TARGET 1 = $1,600
STOP LOSS = $1,100
PROBABILITY = 55%
CHAIN TO GAIN = 36.23%
CHANCE TO LOSE = 6.15%
TIME FRAME = DAYS TO WEEKS
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Please always remember we trade using probability and not all trades are winners. We manage our risk with stop losses and try to win over time. Those that don't understand this, and expect only to having winning trades, will always lose money over time.
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The ultimate goal is to help the crypto community because I think there's a lack of these type of videos. I want to share everything I've learned because knowledge is only power if passed on. These are educational videos intended to teach how to think through thought-out rationalization.
DISCLAIMER:
I'm not a financial adviser, nor am I giving you any tips on when to buy, sell, etc. I'm simply stating my opinions and what I personally look for. Those that follow my trades blindly and don't understand risk management, will always lose over time. I manage risk differently. Not all trades are winners. We manage our risk with stop losses and win over time. Even if we've entered at a similar price, I can micro manage my risk, by shedding, adding, reducing, etc, but those calls aren't made. Therefore despite entering near the same price, I may come out well ahead while you may take a loss, even if we exit at the same price when the market goes against my call. Remember, I always profit OVER TIME, and am not focused on winning every single trade. As long as we win more than we lose over time. I want to be very clear so you understand the outcomes will always be different even if we take the same trade. I MANAGE RISK and see this game as a probability. Therefore, be forewarned.
Target 1 was $1375, we hit $1355.
Target 2 was $1600, we hit $1620.
Only $20 off on both targets. Congratulations to everyone. You've made IMMENSE profit. Remember that it's not my charts or advice that won you your profit. It's your taking charts into consideration with a grain of salt, then exercising your own judgement, while improving your game overtime by cross reference your TA with others. I'm happy for you all. I'm 3/3 nailed with BCH. First to $2800. Then correction to $850. Then T1 - 1375 and T2 1600.
I'm getting a lot of help from you for my coin invest.
I thank you from the bottom of my heart.
happy to hear it's working out.
As ever - great analysis.
thank you michael for the kind words.
Hit $1375 now!
Hey man, thank you so much for all that you do.
I learned a lot in such shorter time with your help.
Being a newbie in the space, I have a curiosity: How do you call and analyze the waves that retrace into the 1st wave territory?
For instance, look at BCH:BTC... The BCH:USD looks a bit different, but when looking at the 3rd wave correction for BCH:BTC (the one that started around 22 Nov, peaked around 23-24 nov and had bottom of correction on 26 nov) the 3rd wave retracted bellow wave 1 territory.
Are these in practice counted also as Elliot waves being exceptions, or different TA is required?