Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Bits on May 26, 2021, 06:34:38 PM
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Wave 3 is what the Elliott people live for. There is a sharp rise in investor optimism. This is the most powerful and longest wave of advancement and can never be the shortest, in which prices accelerate and volume increases. A typical Wave 3 is at least 1.618 times greater than Wave 1 and could be even larger.
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I believe that Elliott wave is one of the tools that traders use most often, and it is also abused by whales to manipulate market. I only believe in the biggest wave, or wave 3 only, and I usually decide to leave the market for a token when it starts to enter wave 4. Wave 5 is very attractive but too dangerous, because it can be a big risk when whales will exit before traders' expectations are fulfilled.
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Elliot Waves is really useful in crypot as their are so many crypto whales who manipulate the market. I usually take some good profit if use Wave 3 this is the best indication of an upcoming bull run. But when the wave rises bigfer than there is a very high risk as many people will start taking out their profit. So dont be greedy when trading or u can lose all.
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No doubt Elloit Waves analysis is one of the best tool adopted by experience traders especially swing traders to guide their entry and exist in a trade however I don't think it is relevant for scalpers who enters a trade and take profit as soon as possible that is exactly my method of trading thus avoided the complexity of studying and adopting Elloit wave in my trading.
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Sorry for not quite a couple of hours. In general, Fibonacci numbers are my favorite topic. Very briefly: everything in nature adheres to certain proportions. In our case, 61.8 is the strongest resistance. They struck him, moving into the furnace.
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Another nuance: when the fibo was stretched, look at the history of the resulting levels, if in the past we stumble over them, it means that the levels are more likely to work. I have adopted a rule for myself that the level works once. I built a fibo, looked at the history, if the levels match well, then there is a high probability that the levels of the selected movement will work.
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Drawing Elliot waves is not my cup of tea. Generally many successful traders using it to analyze the market but generally I use Trend lines, Price Action, Support & Resistance & Fibonacci, EMA, and RSI. I mixed all things and decide to buy, sell and exit accordingly.
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For me, i will stick with my TAs and bots. i don't use any FA because i don't trust them, i have tried serval times but all failed and i think one of the reasons is because i am not consistent. personally, i prefer the long term trade where i review the project and do my personal analysis on whether it is a long term project. then, i invest and let it for the long term.