More Scalping Stuff

After scalping for a couple weeks with Bresserts and averages, both in cryptos and the stockmarket, I want to express a concept that I came on early in its use, and has worked well.

Now, remember I'm not classically a scalper. This is something I've started to train myself to do. With the bear market still in recent memory, and perhaps will reassert itself, I find it important to make money in a more 'continued fashion'. So, I actually advise taking this from a novice scalper who's had recent success. I'm a tried and true swing trader, but sometimes those good swing trades only come occasionally. But I still want to share this with you as I too learn. 

My finding is that Bresserts can be used to sense trend change early, and it signals great entries on a confirmed trend. I am using Moving averages in this method to 'visualize trend'. They are not supports or resistance to me. Just quick reference material. 

As you'll note on this chart, the averages 25/50 on this hourly are trending down. The first bresserts signal I'm pointing to is a sell (overbought), and because it is only slightly above the averages, still pointing down, it is a valid sell signal. And, it produced a profitable trade. Note I didn't take this, but using it as an example. Elliott wave, wise, I'm still scalping upward. The reason for that is this chart is basically overnight and to catch that short, I'd have to be awake all night. On a larger timframe, I still see higher for now. You always have to pick your timeframe.

Now if we fast forward, we have two higher highs that are confirmed. by bresserts oversold signal. To me these are not strong primary signals, but may be noting a coming trendchange. 

Now what I'd be looking for to confirm that from a bressert/average perspective is for price to push over the averages and put in a bressert oversold signal above the averages, particularly if the averages are starting to trend upward. That may take some work. If the case, then I'd be looking for chance to add to my long and also look for partial profit taking at the bressert overbought zones. 

If you look at Bitcoin it's averages are basically intertwining in pure horizontal movement. That is not a trend. That is pure sideways. so, the only way to scalp that is neutral...buy and sell every bressert signal. That's a tougher trade in my view, because the trades lack skew. But Bitcoin is starting to put in higher highs with bresserts signals, so it may try to breakupward, as I've been expecting. 

If scalping with this method, a stop can be placed at the last price that expressed the Bressert signal. 

Screen Shot 2019-03-03 at 8.31.35 AM
Screen Shot 2019-03-03 at 8.31.35 AM
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.