But but...muh Elliot Waves !!!
So, it looks like Bitcoin took a major dump the last couple of days, apparently due to a Mt Gox trustee dumping a load.
Can anyone tell me which Elliot Wave predicted it ? Was it something in the Ichimoku cloud that we all overlooked ? Perhaps there was some 'death cross' going on somewhere, where the 48.3 day moving average crossed the 197.57 ?
This is going to sound crazy, but to me it's looks almost like price is dictated by news, economics and supply and demand !
What a crazy notion, especially when us experts know that price really moves because of imaginary lines of historical data, pulled out of someone's ass.
Kek.
That pic looks beautiful. I am definitely following that trend.
(Get my dry sarcasm?)
well if you're a crypto trader and your screen doesn't look like that, you're doing it wrong.
lolol
I find Eliott Waves to be amazingly accurate when you can figure out exactly what's going on. BTW, because of Eliott wave theory I have been expecting a correction and it's still within the expected correction zone. I'm not an expert but am learning from pros using different methods.
hey, if it personally makes you money then it's all good. I just don't believe the market 'obeys' arbitrary patterns that people draw on it.
If you can use Elliot Waves to accurately predict price movement, or more importantly make money from it then all power to ya.
Care to predict a timeline and price level?
It's not like having a crystal ball. Know one knows the future. You don't have to believe me but I've been studying it in real time for months and I have myself seen it play out amazingly well. It's just another tool to help your odds in trading.
I always see it play out amazingly well: when explaining the past. The future - never.
There is no reliable way to accurately predict the future of markets. If there was, we would all know the outcome. There are only statistics and probabilities which puts odds in the knowledgeable trader's advantage.
Then why fake it with zig-zag lines that turn at well defined times and price points?
You're so silly. I learned from a trader who made millions in forex and the crypto markets. It obviously helps to understand market cycles. So, why do you guess at market movements?
A guess openly, and usually within a range. I normally state what it's based on too. I don't say BS like "BTC will turn at $8253.75, because that's simply ludicrous.
A zig-zag for illustrative purposes? Sure, the lines generally do zig-zag. But for prediction purposes a form of probability distribution map would serve far better.
already upvoted you also come to me here
I think I'm starting to see patterns in all the waves you drew. Some sort of trailing second order patterns of trailing second order patterns!
let me know how much money you made, I want a 10% kickback for the advice service ! :-)
I lost $1000 on it. That's $100 you owe me.
Ah, didn't read the small print ? "doesn't constitute financial advice, losses may exceed wins, DYOR" :-)
$50?
Weekly chart. its doing whats its supposed to do. we safe :)
now that I can believe ;-)
Glad you agree. thats the most basic chart there is. only supply and demand. if the push it down a bit more its actually better.
I think there's a cycle that every trader goes through, I'll write an article about it someday.
Everyone starts with indicators, then copy systems from other people, then use other peoples tips and rumours, then guessing, then gambling, before finally seeing through all the bullshit and just learning to trade with a naked chart.
The cycle of doom... it always leads to naked trading...
Wow lol. looks like you been there just like me. Took me 10 years to figuere it out lol.
Yes, but no matter how much you try and tell people from your own experience they won't listen.
They have to blow up a couple of accounts first with Elliot Waves and Ichimoku clouds and all that other nonsense before realising it's all part of an industry that's designed to take money off stupid people.
The banks make money, so it's best just to trade like a bank does :-)
WOw you seem like a copy of me lol. the female version.
I'm probably older and been trading longer, you're a copy of me ! :-) lol