Published 4 December 2019
In the month of November 2019, we closed the following 3 setups totalling 159% in winnings in total.
Chart published on Trading View.
First up, we have Monero. It was a looooong wait for XMR to deliver, but it did not disappoint. XMR/USDT has been exhbiting signs of a minor uptrend in a corrective formation since the start of September.
Unlike its counterpart BTC which did a parabolic rise and has yet to retrace fully from this, Monero has taken the safer route and retraced nicely to the .618 fibb.
While not reaching set targets, it did eventually deliver 9% in winnings.
Chart published on Trading View.
Bitcoin Cash was a trade we entered at the end of October. It had been a goer in the past and it once again delivered a happier winning of 35.3% in only a couple of weeks.
Chart published on Trading View.
So where did the remaining 114.7% in winnings come from? No prizes for winning here – MATIC of course! Matic is a ripper of crypto to trade.
Different timeframes give us different impressions but my analysis has always shown it was still in the corrective phase. On the monthly chart (see Trading View chart linked above), we can see that it has the potential to go higher with the slight upwards trend it had started in this timeframe.
While my wave counting habit isn’t the norm (who said genius was normal?), it has always traveled predictably and made us very decent winnings in short periods of time.
Not bad for one month’s worth of time.
Commentary: Published 4 December 2019
Everybody’s in a dilemma. Papa Bear is doing what it does and playing games with our beautiful minds. Is it going up? Or is it going down? It is a conundrum indeed.
Let me share a little secret with you. Cycles tend to travel beautifully within channels. They sometimes miss the end of the channels and they sometimes overshoot them ever so slightly. But the essence of its movement is one of fluidity.
It is at a precarious point where Big Brother currently sits – hovering around the .618 retracement level of the cycle just passed, right on the 200 and 314 long-term moving averages and also at the 0.5 level of the channel drawn on the chart.
But don’t be deceived…it is still in correction.
How do I know? Well, I only use about 20 different indicators on multiple chart types and spend countless hours on technical analysis. But there is a simpler way if you are patient enough to wait. My secret lies in my concluding statements.
Corrective phases tend to retrace to about the 0.786 level before changing courses (sometimes to over a 1.0 retracement level). On this chart, a 0.786 retracement is around the 5500 level.
We also can’t go past the Point of Control marked by the maroon line on this chart – a level not to be taken lightly. This is sitting at ~4000. The red rectangle on this chart is where I believe a good position for a long-term entry may be subject to Papa Bear’s movements and how it progresses in this corrective cycle before it hits that area. This area also sits nearer to the base of the channel which is where an ideal turning point is.
Here’s my secret…
Believe it or not, when I first started trading, I only used MacDs. Crazy I know, but I did surprisingly reasonably well doing short-term trading with just the one basic indicator. MacDs never lie. It is at present sitting well below zero. If you are clever (and patient), you will wait for a positive, steady climb in MacD before heading in for a long-term entry.
(Note: It is not impossible for Papa Bear to retrace to the 1.236 level where another major volume level sits at the end of the channel.)
The target(s) and/or pattern(s) on this chart is only theory and not a trade signal of any kind. Always do your own research before trading.
Past performance isn’t an indicator of future performance.