Levels Not Counts - Market Analysis for Apr 23rd, 2020
By
Ryan Wilday
Waxing Educational here while we're slow.
I always say 'I don't trade counts, I trade the levels they reveal' which are used for entries, exits and very objective invalidation or 'proof' of my point of view'.
What I also mean is I don't go all in on my preferred or primary thesis, EVER.
I find that subscribers love the reassuring nature of a static count. That happens but its much less than I'd like.
Remember I have said there is nothing clear about the ENTIRE move off the March 12th low, EXCEPT that on the day of the bottom in Bitcoin it also took out resistance for 4th. That level break had me lean higher since. But the lack of clarity in the count also forces a continual change to the local count.
There are a couple ways of dealing with this.
1. Play long term but that means you keep a ton of cash for the chance that we drop through supports again and roll as far as $4K.
2. Keep a core, and keep a small part of your count that choose to scalp short term (me).
3. Stay cash and try to scalp small plays only until more clear (probably the most skill required).
The levels I'm watching are still valuable. We need to break 6460 Bitcoin to open the door to $4K. We haven't. But short term now this move is pretty calling. So, what else is new?
