This is totally wrong. No analyst can make money running such a ponzi scheme. The market is so much bigger than that. The whole basis of EW analysis is that the crowd gets emotional sometimes. They make the mistake and then we make the trade, not vice versa.
I make money trading, and I dont need to post anything, but I continue to post my charts. Its a way to log my trades and I enjoy sharing.
Its difficult to make money with even the best analysis, thats basic knowledge, you have to be a good trader, you have to be in control, and you have to be able to think for yourself, on your feet.
I hear you and I do appreciate your analysis. I make money too. It's just that a)bitcoin is a very thinly traded market with a handful of interests doing the heavy lifting and b)there are a lot of green traders trying to keep their heads above water. The I think it's probably not so hard for the big whales to keep an eye on the most popular and influential technicians' work from a perspective that they look for every opportunity to better their positions. Making money in markets is a serious business. I do enjoy helping people out but there is that inherent risk of making certain information public which is why I do not share most of my analysis. Maybe I'm just being paranoid.
+1 to both of you.
One question for traders, not analysts.
Lets say you open a long position, buying at 1500, with a target at 1600 in 5 days and a stop loss at 1450. After 2 days, price is at 1550. Is it a good thing to move up your stop loss, e.g. at 1500, or you don't touch it until target is reached or the 5 days are done ?
Lets say you open a long position, buying at 1500, with a target at 1600 in 5 days and a stop loss at 1450. After 2 days, price is at 1550. Is it a good thing to move up your stop loss, e.g. at 1500, or you don't touch it until target is reached or the 5 days are done ?
Traders are analysts too
Ideally you'd move your stop to breakeven. In reality Bitcoin is such a choppy market that stops in obvious places will probably get hit unless the trend is super strong in one direction. Just pay attention as most stop-hunting takes place on relatively low volume and use discretion.
Once your target is hit you can move the stop up closer to the price and let it take you out (or use a trailing stop), that way you can take advantage of any additional price rises.
Thanks for this answer. I know traders are analysts, but i see more discussions about analysis, and a good analysis is not enough to earn money. I already lost some long trades due to stop loss placed too high, so i am carefull to set them below the support. I already played with trailing stop on kraken, and i think fine tuning is hard if you don't want to miss big moves.
Stops are good... USUALLY. In Bitcoin, they can be very dangerous. Mostly due to order depth being too shallow. If you set a stop right now, a large enough sell would blow through it and your stop would sell you out at the bottom and you'd be looking in disbelief as the price heads higher without you. This happens in both directions, obviously. It's safer to decide an absolute mental stop, set an alarm on your phone when the price is hit and assess the situation before exiting. When the price spikes against you, you can almost always get a better price than what you see at the time of sell-off.