Market Analysis for Aug 9th, 2020

For some people, apparently, I am not doing 'my job' in chasing hot charts. 

1. Belief in such expresses a lack of understanding regarding what it takes to make it in trading long term in trading. That is, if a chart structure doesn't offer a clear risk plan, why trade it? Get rich quick? But I am happy to oblige you in a self guided way. 

2. I cannot follow all charts. Just not practical bandwidth wise. I've played with scans, but find in cryptos they show me too much crap I have to sift through. I keep playing with scans in my spare time which is thin. 

3. If you feel you need to be in a chart so some homework, ask for the chart. I am happy to give you a stop IF IT IS CLEAR. If it is not I will punt. That's the reality on many hot charts. A stop and a target is all you need to create a risk plan that you can manage on your own without a swing notification. I have taught that for years now. And, I am happy to remind. 

4. Remember that stops are made to be broken, and run, before something runs higher. That's a known cost of of trading for all professional traders. Buck up and get used to it. You are more than welcome to jump on a train. Please watch your risk. Nothing pains me more than subscribers that wreck themselves.

Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.