A relatively slow week of trading for me with only one day giving me the opportunity to be in the market. It’s as much about knowing when not to trade and taking the correct positive actions so you don’t take bad trades as it is to work on yourself to learn what you can do to be a better trader. It all comes with time and solid structure.
Want to come to the classroom events? Better get in fast, limited places remain!
Got your spot on our 2-day courses confirmed yet? Do it now right here: https://tradercobb.com/classroom/
G’day everybody, hope you’re well. Welcome to the weekend, it’s been a pretty slow week this week as a matter of fact, with, I think I only had one day where I was really trading when I put the plan in place to go to the lower timeframes and look for small, 15-minute type trades on Ethereum and Bitcoin. As it turned out it went well, so I’m pretty happy about that. But from here on out, it’s about understanding where we’re at. There doesn’t seem to be a huge amount of clarity direction-wise at the minute, so I just wanna have a quick look, and just see, what is going on right now. So, Bitcoin. Of course we’ve seen this pullback into 10,000, do I think it’s over? No. Could it be over? Yes. Do think that we’re gonna see new higher high, I dunno, look I just don’t know. Could it be over, yes, could it be not over, yes as well. There’s not enough data, there’s not enough information for me right now, I still stand by the fact that we do need to see a greater pullback, for the health of this market. For me to be super-confident that we’re goin’ to kick on to the next leg up, I need to see that 35 average pullback, like this one here, that was 32 here, 35 I think it was, 39. And many others, of that nature, we just haven’t seen one for a long time and it needs to happen, so, if we do see it pull back, I’ll be sitting here clapping my hands together like a big seal simply because it’s needed. Alright. For those that think “Well, we don’t need to go any further”, you’re probably right, we may not need to on the daily, we’re back into that cradles and we have had a 30% pullback. The average over the five pullbacks in 2017 was 35.25. And the extension from that low point to the upside averaged out was 207%.
So that’s why I want the pullback, ’cause the pullback equates to further extension to the upside, if history is to play out and repeat itself, but we saw, as I say, a nearly 30% pullback already. For me to be really bullish again, we gotta break up through here. Why? Because then we’ll have micro higher low, and higher high, look, there’s the higher low, if we break up through here, there’ll be a higher high. And we’ll have a much more clear view here on the trend on those lower timeframes as well all the way through to the higher timeframes. Right now as you can see, we’re just bangin’ around in a bit of a range between 11440. And sort of 10 eight. Roughly, right, she’s a bit all over the shop to be fair, it’s not lookin’ real spectacular right now, and it’s not a market I’m interested in trading at this stage. If we look at Ethereum here. One thing I do like is that we’re still holding above 280, that level has held quite nicely. Nothing more there though for me, unless we are to see, A push up through this one, to a higher low, and a higher high, but it’s a little bit far off for me. Another of these in my watch list right now is EOS, the support here, if we do come down, retest that, go a lower high, get some convergence there that I may be open to trading, that I’ve been like that pretty much all week there.
Still Lumens can just do whatever it wants to do ’cause it’s as boring as watching paint dry. And we got XRP. Now we’re sitting around some support through here, not a great level to trade, not by any stretch. But there is some support there and again, it’s not a really inspired market at this point. Litecoin, sidways, Bitcoin Cash, sideways, BINANCE, looking pretty average, TRON the same. Cardano also grinding lower. So what do we look like when we go and have a look at Bitcoin against the top 10 right now, Ethereum Bitcoin, where you can see we’re actually building into this support. I that we got pretty significant support through there. Let’s just drag that back a wee bit. Doo do do doo. Now I know a lotta people like to try and believe they can buy these balances because history’s shown that in the past. The thing that I’ve got as an issue here, is that we got all these lower highs coming into here, yep, it bounced from there really well, yep, it bounced a little bit, I’m not gonna be buying anything down here, no. Not for trading. So as it stands, building into that support, looking at the lower timeframes here, the thing is, we popped to high. We pulled back, it’s just not got a good enough trend there for me. Earlier in the week I left some cradle trades short. On some of the leveraged options, just simply because some of the candles were a little bit too big and I was also happy to continue to keep an eye on Bitcoin, looking for opportunities on those lower timeframes, get a tire to stop.
Nothing here on XRP against Bitcoin, happy to move right along. Bitcoin Cash. Pretty much exactly the same. Pretty average looking daily chart, there is some strong support down here, there may be a move, but there’s nothing to trade just yet, we looked at Cardano a second ago. Litecoin, well it’s just in the middle of a cycle, not interested there, EOS the same. Coming into some support once again, very much like Ethereum. Pretty strong level too to be honest, so keeping an eye on that throughout the week. Finance Bitcoin, no thank you. TRON Bitcoin, probably the favorite, for me, during the beginning of the week with this candle, it wasn’t too big, and it just looked quite nice. Didn’t take it, ’cause as I say, I was waiting for Bitcoin. Not a great deal more there guys. So across both the top tens, my suggestion would be, go and enjoy your weekend. Now if you are going to be coming along to one of these live courses that we have coming up, if you are looking to get in on Sydney. Please be quick, because we are very much close to being at capacity already. And it’s a few weeks away. But if you’re looking for Brisbane, Melbourne, any of the other cities, Tasmania, whatnot, Hobart, all this. Make sure you get your spot reserved guys, because it’s happening. And we’d love to come, we’d love to have you come along. Use those tax dollars wisely, if you are getting a refund, what better way than to invest in yourself, have a great day, I’ll speak to you all again soon. Bye for now.
Categorised in: Free Video
This post was written by Trader Cobb