Life and Times: Just Another Manic Sunday - Bear Witness to the Fastest Market in History - Bar none.
Next Buy Point for last 500
Update/positions: Yesterday we got stopped out at 10900 for a 900 point win from 10008 and were looking to re-enter from
10638 in a perfect set-up - it was close but no cigar with the subsequent low being 20 points higher. See how it made that
base under the highs? Hardly was it? If it was it just would not have behaved like that. Remember this
behaviour! You're going to see a lot of it in this environment on other Alts at different points ...see how it behaves under
old highs: does it recoil hard, big red candles of rejection or it lazy, almost disinterested? Long term holders don't give a hoot
for whether price is 12 or 13 or 9 or 21. it's just a number. They ain't selling. No supply. Lots of demand, and - as humans
are wont to do - we are somehow much happier paying 11.5 now than 9.5 just 48 hours ago. Humans! Are we not, like
Bitcoin itself, a piece of work to behold ?
Look at this wave now. It's tidal, tsunamic in size. It grows as fast as Alien and moves 100 times quicker.
If day trading, or holding long again from 10650 ish lows of later yesterday prepare to take profits as the upper parallel is
tested, spiking up into the top-most parallel at best before falling away again... looks likely to come back to 11385 at
some point and potentially to 11070 - note the two little pins at the top - a tiny tiny flag is forming by the look of
things before the next surge to the upper parallel. it looks like it will consolidate close to the highs and at worst
dip to 11500 and perhaps spike to 11385 at lowest before it rallies again to hit the upper parallels. Next buy/add point if
we don't fall away further from here comes on the break of the tiny dynamic coming off the highs. But close out again at
the parallel for 400 to 550 gains. If we see this challenge above 12000 and into 12150 range it is possible that we then
see a large collapse start from there ...doesn't have to happen, but would be 'normal' behaviour in any other 'stock'.
The problem is Bitcoin is hardly 'normal'. Supports shown on the chart are the most likely spots to expect support to step
in later on today/tomorrow.
* Sorry once again: was banned for 24 hours for posting a text wall to chat room. Bad bad bad
Day Traders Only
Trend line for day traders shown on chart...stay long above the little dynamic...close out and short back to blue line if price slips under the line and does not quickly spiKe back up and regain it.
A worse dip than envisoned here...day traders were out just under the highs and it lokoks Ok to go back loong on this dip back to the parallel...looks Ok ...would be very bullish if stands up at 10980.. stops under by 20 points for small loss if wrong...if so buy again rom the next blue line when/if touched witha stop 30 below Also can buy BCH
We were long again yesterday from the retest of the upper parallel that channelled yesterday's decline - from around
10900 and then got stopped out around 11300 for a 400 point win. That's on top of the 1700 odd points won from the entry
at 10008 to the exit at 11714, very close to the highs, with the little dynamic support being the perfect exit for longs,
and working so well for us yesterday, with an exit within 100 points of the high, and every point trapped and closed off, bagged. So another 2100 points won over a fairly quiet weekend, 20% of its entire value. On one quietish weekend.
Exactly 31 days from 3rd November when the Bitcoin hunt began in deadly earnest we have taken over 7000 points out of Bitcoin and tagged and bagged some more
which is still waiting in the freezer to make sushi with one fine day. Ain't Bitcoin fun to trade - though stops can be a
nightmare (much more difficult than BTG or BCH usually in this respect). Do you know anyone who has traded this for
more points over the last month? And so far, not been caught wrong side ONCE? If so please direct this writer straight to him.
That's history now.
Over and Out? You decide that from here...
Please at least read this even if you do nothing from here to help...
Over the last month this writer has worked 16 hours per day 7 days per week following Bitcoin and its spawn, identifying almost every twist and turn in UK/US time in the process. At some points have missed trades on BTC because got so involved in writing next most likely Bitcoin moves for you guys. Why? Partly it's a guilt trip (made too much money way too easily and would like to give something back), another reason is the 'little professor' that lurks inside most Aspergics (WD Gann was a text-book Aspie, as was Nicola Tesla and Isaac Newton, even Anthony Hopkins, so it's not all bad, just in parts). Aspies tend to obsess, are good pattern spotters usually and so are naturally attracted to sites like Tradingview. (Some of the top writers will be Aspies too, and not even be aware of it. I was not diagnosed until age of 62.) So if you wonder why or how all these patterns emerge from the charts and why sometimes you struggle to see them, that will be because you're normal, not an Aspie. Aspies like helping others, get a kick from it and can make good teachers, but tend to be very gullible/naive too. We need to be left alone a lot of the time which means charts can be a comfort, trusted friends ...most of the time.
Heartfelt Plea: Inside the TV Algo
Part 2 next
I would like to help as many traders as would like the guidance offered here...to reach as many as possible. But there is a major problem here...Condsider this: Tradingview is a really fine platform to work off, great charts and data sets usually but its algo works the same as Facebook, using confirmation bias to establish 'rep' and from there who gets listed as a 'Top' writer. If you are not in the top 5 listed no one can really see your work, it gets listed lower down the page and unless you are quite lucky or diligent (all good!) or someone passed on a chart to you maybe you too would never have found sumastardon. It's a sad statistical fact that 80% of all traders lose money. If a site works on confirmation bias, counting up the number of 'agrees/likes' and 80% of all those who read the comment are going to be wrong anyway, statistically - then it stands to reason that the comment with the MOST likes is the most likely to be wrong!!! Like the markets themselves, this is counter-intuitive. But go back and check comments with lots of likes...see what the result really was a month later. So-called 'top' writers are actually nothing of the sort. they are just the writers with the most likes/agrees. So the inexperienced are naturally drawn towards these people whose commemts are not accurate, but are 'liked'. So the blind are leading the blind to ruin or inactivity. The Aspie inside me rails at the madness, the sadness and the badness inside this well-meaning algorithm. What works well for Fb does not work quite so well here...
Even worse, some 'top' writers seem to spend a lot of time 'following'every single person they can find (new with 0 followers, why?) in an effort to entice them into following back. Like little girls/boys do on Facebook. So when he sends out a comment on Bitcoin to 11,000 followers (inexperienced newbies in the main) over the weekend saying it's cool, we can wait and buy this in the low 8's later he immediately gets 200 likes which keeps him right at the top of the leader board even though he's just stopped all 11,000 from getting long of Bitcoin at 9.4 to 9.5 and again at 10008 if he's missed the first boat from lower down still - and all the world thinks he's wonderful...trapping yet more innocents who join the site each day and have no comprehension of how it really works under the surface. It's maddening. I refuse to play that sad game, trawling for sardines. But I propose to fight back and if this doesn't work will be forced to step back and move elsewhere.
If I haven't been of help to you please stop reading now, don't wish to waste your time here. If I have been of help to you, I ask for you to return that favor now. Please spend 10 minutes visiting the sumastardon pages and go back to old comments, click on the blue button and if you now agree with the comment please click 'agree'. Only agree if you genuinely do agree, please. Am not wanting anyone to do anything even remotely dishonest. Just seek honesty, 'agress' only if you do, and please do it as many times as you can before getting bored. Am trying to blow the algo apart, beat it at its own game. It's very difficult to gauge how much value, if any, the majority gain from these forecasts. Most, understandably, are in such a hurry to find the next short or long they tend not to lift a finger to help others. I was guilty of the same once so this is no admonition here. But if this research has been of help to you and you'd like to keep it coming please, this time, lift your finger, visit sumastardon pages for 10 minutes and hit 'agree' below any comment that you do actually agree with. There are nearly 600 forecasts to choose from..500 or so are right.
Go check. Please. 10 minutes is all it takes to blow this algo out clean out of the water. Am tired of fighting the monster hiding inside the algo which directs the unwary straight into the traps laid for them unwitttingly by a Facebook type 'rep' misnomer. Let's see if a concerted effort by all readers who want to keep track of Bitcoin and all its babies via sumastardon can make a difference. I'm still in if you are. But if you want all in, you are asked to lift your finger and work it for 10 minutes. I'm going to make this request 3 times this week and 3 times I ask you to follow with your fingers. That's 30 minutes hard graft. That compares to the 16x7x4.5 hours (504 hours minus a 12 hour and a 24 hour ban) I have dedicated to keeping people just like you up to speed with each twist and turn over 31 days. Never been the wrong side yet for more than a 100 point loss either. If you'd like to stay that way from here, please do something to change things. This act of kindness will help others in future to avoid the pitfalls most of us likely fell into when we first joined TV; it's natural to gravitate towards the most agreed comments and the writers with the biggest audience. It's logical. But it's wrong. You found that out through experience and the hard way, most likely. As if every pilgrim has to trudge through a slough of desondency before he can reach understanding through bitter experience. I want to stop that toatlly uneccesssary experience from having to happen in the first place.
It's Christmas soon. In the spirit of giving, please give the TV algo some serious incoming to deal with...all together now before the markets open in US. Stay lucky, whatever you decide. Bitcoin Update coming next
Bitcoin continues its gymnastics, throwing moves and new parallel bar tricks with parallels within parallels (the bigger
ones now eveolving on chart, with today's low nicely picked out now, so this line is good) - and with another largest set of
parallels above that at the top of screen. So, a bit late for this now, but obviously a buy where dynamic meets fixed
support at 10852...how long has this number kept cropping up recently? Today it really meant something...it then bust out
of the smaller parallels it had been travelling down at 11100 level with a great green candle (second chance for long there,
stop under the line, and then a third chance as it came back down to kiss the blue support from above at 11177 leaving a
good pin bar of desire/interest and now it's likely to grind higher to the underside of the old dynamic support from
yesterday that acted so well then as a day-trader's long exit, so close to the highs. When ever you see a crypto or any
instrument for that matter make such a precise grinding type of rally like that on small volatility at highs, just quietly grinding higher
with well defined trend line supporting it, just remember that everyone else sees it too..it's so damn obvious, obviously. So
when it breaks everyone takes the same action..self fulfilling. When you see that again you know what's coming next...price
will fall and immediately look for structure to left for support, usually finding it at first at the top of that structure
and after a bounce often failing and finding support then at the bottom of that previous stucture, especially if that
happened to be a big green candle that ignited the move up to begin with - which is kind of what Bitcoin did yesterday, yes?
It exceeded the previous structure lows, we can see, but left pin bars of strong interest right across the lower
structure...this was telling us that this would likely be the low. Now it's left pin bars of disinterest off 11370 line and
studding the line below at 11177 with a couple of bars of interest again. This denotes near term indecision, but with
bulls still winning...will continue to grind higher so long as 11177 continues to hold up and likely to hit the upper
parallels that stopped the last all time high at some point fairly soon at which point look to take profits again with view
to buying again from lower down.
Right now it a buy at 11177 with a stop 20 points lower for small loss if wrong from here. If this level breaks it will retest
the parallel around 10982-10900 range where it becomes a buy again with stop below the parallel by 30 points or so.
*Usually am all over BItcoin like a rash but yesterday the little
Nazi who runs one of the chat rooms reported me for
uploading a text wall, so was banned from uploading anything
for 24 hours - which gave me time off for first time in 31 days
to think about what I'm doing and why. Hence the last
heartfelt plea stream of consciousness that flooded your inbox
- sorry for that but also thank you to all who hit agree button.
That was some serious incoming. Just a big noisy buzz with
computer going nuts. Keep that algo under serious fire. Maybe
we can change this. Please kkep trying anyway. Like Bitcoin,
would like to get that algo tagged, bagged and in the freezer
where it belongs by the end of this week.
It feels like backing and filling though, back the start to blow minds and weak bulls out ...so far...! Please remember that Bitcoin moves 50 to 100 times faster than any other 'financial' or big stock. where it's easy to write on GE and leave it for a month to play out, Bitcoin changes so quickly every single day and almost hour of each day that a lot of updates are needed to keep track of it.But you figured that already
Raise stop to just under 11490 for 100 or up to 500 profit if you managed to get long off the lower parallel earlier (my bad for not insisting on it really) or can close out for 200 profit here and come back to mine some more tomorrow. Depends on profile. Think it is still good though from here
Thanks for the updates and your work, would you consider maybe doing a tutorial, on what to look for and how to set supports, stops, TP exc.? Do you have telegram, discord? I would be willing to donate. Txs for considering.
Where is that blue "agree" button? :(
Does it mean "Post Comment" with text "Agree!" ? Comments to earlier posts?
Pompous Swan_Vegan was banned for fake followers. Not sure if this is good idea on bumping comments...