Dealing with Paralsysis - Market Analysis for Mar 23rd, 2020

I sense some paralysis among the ranks and want to give a very simple approach to trading, if you are sitting without a position. First of all, I never recommend trading binary (all in all out). That approach is not flexible and gives you no room to adjust to the market throwing surprises. Scale in and scale out is always my approach except for the smaller scalps I take where the position is tiny. Whenever I have a bearish pivot but price is poised to push higher, you can always use that bearish pivot which is always mentioned as part of my alt count, and scale into any sort of pullback we get. But keep ammo for entering near the stop, so that if you do stop out, you are not hit hard. If we start to move higher, you can use the low of that pullback as a higher stop and add on pullbacks, building on a winning trade. What you don't want to do is wait for the upper pivot to be taken out and then start chasing. A pullback can start soon after break out and you might be left with a quick loss. The triangle, as always reflects the position size, and is wider near the stop. 

Remember I have two lower pivots $5650 and $4K. You can trade against those pivots for higher as ann option. I wouldn't short until we take one of those out then do this in opposite. 

Does it matter that it takes off without a full positon? It shouldn't it. Cash is flexibility for the next pullback. 

Screen Shot 2020-03-23 at 6.48.06 PM
Screen Shot 2020-03-23 at 6.48.06 PM
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.