Market Analysis for Aug 12th, 2019

Just a reminder for long time members and education for new folks: I track every move that starts to break resistance as a potential bottom until it comes off the rails. This is just my process. Often this frustrates folks that are not experienced enough with Elliott Wave to simply use supports positionm against- a process and trading strategy I have provided much education for . Even more so, those that are not able to take small losses comfortably and keep them small have accused this process of causing their losses. 

I discussed high probability setups here: https://www.elliottwavetrader.net/members/atchat/?threadId=5388609#nocollapse

Just some general recommendations on managing this process in my anaysis:

1. Remember, I am not trying to predict the market. I tracking it's progress and looking for good risk to reward setups. Yes EW can have some predictive powers, but its real value is achieving low, measured risk for potential reward. and, the pivots are very objective for confirming and invalidating a perspective. 

2. Don't overposition on the first sign of a bottom. Build larger when you get a high probability of breakout as discussed above. 

3. Count the potential damage to your portfolio on a break of support and act on it if concerning.

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