Weekend update- Fake n' Shake, or Real Deal?


I'm going to put my weekend update on 'slow leak' here and review ever chart from our position tables, mostly in hourly format. I'll post as I complete. Feel free to come back later if you like. I'll answer questions tomorrow. In summary, I'm still cautious. I'm not fully positioned and am going to take profit at key points well below the final targets, just to make sure I don't get hit in a shakeout. Especially the little bit of margin I'm carrying will come off in a hurry.

However, where as last week, I said focus on scaling lower if we get it, I see growing 'risk' that the bottom is in. But whether that is confirmed or not really depends on how resistance is treated. The challenge we are dealing with right now is most coins are moving three's....three up, three down, three all around. So, which way is the impulse when you don't have a clean 5 wave move to work from except in the C waves? That's the challenge.

When I have those counts, I focus on key resistance and support levels. As long as supports are holding up and resistance is taken out, I look up. As soon as a key level downward is hit, of course I take cover, reduce or bail. Where and how much depends. I hope this update helps you, but want to emphasize that trading will likely be difficult for the next couple months. So, don't over do it. Position sizing is what wins this sort of trade, not targets IMO. Or that's what my experience tells me. 

I'll also try to identify points in key coins that are clearly 'breakout' and we can focus on the upside. Likewise downward. 

I'll post charts separately in their own feed. 

Ryan Wilday hosts the Crypto Waves service on ElliottWaveTrader.net.


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