As the LINK market is in an uptrend for a while now before retracing from its ATH, I don't expect it to consolidate longer around the 4 hour 200 ema as it did earlier. Instead I expect a bounce on it which can take it to 30000 sats and consolidate at that area to continue higher.
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It is actually that the bounce took it to 29k sats where it is consolidating now. Expecting a minor pullback towards 27k level before making a power move upward. Will be adding 25% more capital at 27k level. I entered this trade at 24k sats.
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Limit order executed at 27k sats
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As this is last wave of LINK's bull run after which it will have a correction, the market maker will desperately try to push the price lower below 22.5k sats to consume more liquidity from the stops below. Be prepared for such a move. Do not panic sell thinking it will go down. Be patient. Strong trending markets like these do not generally reverse without a reversal pattern like a double top or triple top or wyckoff distribution or Head and shoulders., etc
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Potential scenario. If you are a day trader you can catch both moves. I personally will not close and re-enter this trade at any instant till it touches 50k. This makes me do the TA correctly.
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Looking at the big consolidation going on, It seems that we will probably be printing a red candle this week. A shake out before wave 5. We are currently in sub-wave C of the 4th wave. A look at the BNBUSDT market
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Some more TA
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A mistake in the elliot wave analysis in the above chart
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Komen
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Serious stop hunting going on. Stay focused.
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Market maker successfully triggered the stops at 22.5k sats level. Have to see if he still has plans to hit stops at 22k and 20k levels.
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I feel that the stop hunting session had been finished.
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If you find, there is a battle going on between greed and patience inside you, do not let the greed win. If your trading system gives you a buy signal and you made a trade plan to long a trade, let the market take time to perform after longing it. Do not hop from one market to another in between. You will miserably fail.
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After studying and practising Elliot double and triple combinations I analysed the wave 4 of this market. Our current wave 4 is undergoing double combination elliot correction.
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It may even trend sideways
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I'm done with my analysis on this correction. It is moving sideways which means it is building a strong base for a break out. Anytime now.
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This market is teaching us many things. I came to know of the Elliott wave theory guideline that in standard impulsive patterns, wave-2 should NEVER consume less Time than wave-1 (from beginning to end) AND wave-4 should never consume less Time than wave-3 (from beginning to end). Based on this, we cannot expect our wave 5 to start before August 1st. Till then market moves sideways(small ups and downs will be there). I am making a notes on Elliot wave theory and connecting all the dots in it. Will share it with everyone one day.
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Wave 5 starting 2 days earlier??
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Wave 4 bottomed out at 0.00020872 btc.
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Looks like it is heading to hit the stops below 20k sats
@Ventor6, The market may not spend much time below 20k sats -
karthiksai
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@karthiksai, So you may have to wait for it go below 20k(we do not exactly know whether it happens) and purchase in the short time below that level.
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@karthiksai, thanks for the answer and for your idea again
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@Ventor6, From the next time, I will be posting ideas focusing more on timing for entry. More of short term trades, like days and maximum week or 2 weeks for an trade.
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Hi, thanks for idea, what is your stop loss ? I entered this trade at 25k sats
karthiksai
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@Ventor6, I didn't place a stoploss for this trade. It is a strong trending market. I feel that placing stoploss in such markets will only provide liquidity to the market maker.