cryptopatterns Market Wrap
July 7, 2017 9:00 PM EST Vol 2 issue 7
We really want to help you succeed as a trader for the long haul. Most don’t — you can–but as we tweeted earlier, you have to understand the game you’re playing — demanding profits on every trade (so you’ll get angry when you lose or hold too long) is DEFINITELY not part of a successful trader’s make up.
A 10-20% return on your trading account over 12 months puts you in the top 1% of traders — if you can repeat that return year after year you’re probably in the top .01%!
These stats might help you understand why we keep beating these points to death
Trader mindset is everything if you want to succeed long term — now on with the show….
YESTERDAY’S MARKET ANALYSIS – It all comes down to ETH
We’d say that got it right for today, no?
BOTTOM LINE TODAY: SLIGHT EDGE STILL TO BULLS (YES — STILL SLIGHT EDGE TO BULLS)
The red flags we laid out yesterday became reality today and ETH tanked AND CLOSED below the key $240 number we’ve been reminding subs about for weeks.
we’re not bringing the ultra bearish THE PATTERN back just yet — for many reasons — more than we can cover in one Market Wrap — we’ll hit the highlights here and then update for those who want all the details.
Let’s take this one step at a time:
STEP 1 – WHAT DID ETH TELL US TODAY?
First of all if you buy ETH now, you are absolutely frontrunning any clear buy signals — on the other hand, there’s a case to be made for starting to SCALE IN with a small position as we can’t predict exactly when ETH will head higher. Chart has trade considerations
Then there’s 2 additional points to consider:
- LT chart is now at middle of channel (as we predicted weeks ago) AND
- showing strong bullish divergence–
we can never know for sure but our LT patterns and indicators say ETH is in LT bull market. If you decide ETH is going higher LT – we’re getting into price ranges and there are SOME bullish signs above that say STARTING a carefully defined scaling in program could minimize overall risk (would be IT postion–possibly LT–be sure you define it!)
Add to the equation that almost every other crypto on the USDT is showing bullish divergence — check out these charts by superstar sub @upsetporpoise (thanks!!) showing the bullish divergence on several cryptos on the daily chart (crypto is noted in center of chart — ETC ETH ZEC and STR:
BOTTOM LINE — All USDT crypto can go much lower (another 50% per THE PATTERN which is NOT in play as we write this-but always possible) BUT
If your research supports the LT bull market — it’s time to look for a scaling in strategy which will allow you to hold longer (meaning you want to START SMALL — like 10% of total position) and be sure you participate in the IT or LT upside that the charts say is high probability to happen–we just don’t know when– but today got us a LOT closer–that much is for sure.
TRADER TIP: Be sure to define some ST Funds so you can go “in and out” of trades with confidence while you scale in IT or LT positions.
We have much more to share about the current market but this is a good start — PLEASE WRITE US WITH QUESTIONS — don’t just get frustrated or confused — we guarantee you are not the only trader who has questions or needs help.
Remember trader mindset is everything if you want to succeed for years. Updates on specific cryptos soon or with early market update….
For tomorrow –
–We looking for buying signals and other bullish signs to phase in a scaling program (or to buy with tight stops) if either of these fit your trading strategy.
We’re going to take a look at the BTC Exchange SOON – have a lot of USDT stuff to share before we move back to BTC exchange
We’ll update as needed and hopefully share some new trade set ups if we start seeing bullish confirmation–but as of now:
BOTTOM LINE: SLIGHT EDGE STILL TO BULLS (YES — STILL SLIGHT EDGE TO BULLS)
Please see Market Wrap and Early Update categories for more charts, patterns, targets and useful information that you can use in your planning (and trading if you choose to at this time) efforts.
TO SEE OUR PRIOR TRADE IDEAS GO TO 6/25 MARKET WRAP and individual crypto categories that interest you.
See EDUCATION category for more on ST IT and LT trade planning.
And finally we took off the low end targets from THE PATTERN — see prior market wraps for reference…..might bring them back if we see big drops in LTC DASH and BTC–but not at this time.
Stay safe – TRADE YOUR PLAN with confidence (win or lose) and stay in the game — high prob trading opportunities with CONFIRMED patterns are coming — soon.
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