Last week during the bloodbath I was thinking that good opportunities have to come out of that. My avid research in whole world of crypto currency for 2 months now have left me with lot of beginners mistakes, losses, even bigger losses and bad feeling of not getting it. Then I decided to follow those who are longer in this game than me and learn from their experience. This led me to reading charts with perspective on structure of the chart itself and what causalities are linked to specific forms that are created during life cycle of a particular coin.
I stumbled upon this bowl shape (don`t know professional term for that yet) which rocked my world, covered all my losses and made me really happy in the process. I want to share that with you now so that this transfer of knowledge is continued through me and that we all may, during that process, become more significant force for good in the world.
Coins in question are XEM, BLK, XRP and NXT, in that order. That is because they happened one after the other and last one is still matter of future affairs. So, lets start.
XEM
When I found XEM, I was very much into Elliot wave theory and structural perspective and this shape was beginning of W form in my mind so I drew it like that. I bought close the the low point and hoped that my theory will check out. I did not expect much from it, to be honest, so I invested very little in that campaign. Two days my projected rise was delayed because at that time BTC and BCC were sucking blood out of all altcoins, XEM included. Once it started to rise, I sold for 33% profit and was satisfied that it worked. But, one time being right is hardly a trend forming and I needed more testing.
Enter BlackCoin.
BLK
I found BLK again with tip from #LeaksCrypto that BLK is loading up on volume after the bloodbath and that rise is expected with as much certainty as anyone can give at that point. But, as soon as I saw one side of the bowl, I immediately put my purchase at again, low point (heavy support line actually) because I saw it as perfect opportunity to continue testing of this bowl shape with BLK as XEM wandered on its own path somewhere else. Bingo second time. I put moderate amount this time because I did have successful trial first time and got over 60% profit from this. I did not sell at high point for 74% profit because, well, inexperience. I thought it would rise some more. I was wrong, but happy still the same.
Now what? Come Ripple, Ripple, good coin.
XRP
Love at first sight, as soon as I saw and realized that it is XRP in question, I put in even less moderate amount (because twice being right is only beginning of a possible trend, not yet real thing) and got in, again, near the low point. This time I did not sell, I still hold because from what I can see in long term indicators, this is just getting warmed up and I want to follow it through. But if somebody bought at my price and sold near the peak from today, they would get easy 64% profit. I decided to hold for some more while everything is looking so nice.
And now? New Economy Money, will you confirm the trend and live up to your name?
NXT
NXT is now in same stage of forming this bowl shape as BLK was on August 17, XEM on August 18th and XRP on August 21st, 2:21 PM. If basis of scientific method is process which results can be replicated in different circumstances but operating under same principles, I can call my bowl shape theory on its way to become fairly strong trend, at least when this shape in chart is concerned and from my limited perspective of subject matter at this time.
So NXT. I gave myself a lot of time to decide on this and watched it carefully. For whole day now its been sitting around 2700 sat support and its waiting for something to let it go. From my experience with XEM, that could take couple of days and sleepless nights but I went in with considerable amount this time and am expecting a lot from it.
To conclude, please take into consideration that I am not a professional, nor is this professional trading advice. You and you alone are responsible for your actions and decisions and you should consider investing only the amount you are willing to loose. With that said, I expect much from it and don`t say I did not warn you in time.
Peace and love.
Very good call! congrats and thanks!
Also check out the cup and handle formation which is similar to your bowl description: http://www.investopedia.com/terms/c/cupandhandle.asp
That`s it, cup and handle! Thank you for that and keep it coming if you see other things in my work that need update and/or more awareness of the meaning and its implications! Thank you! :)
Welcome to Steemit and thanks for the nice TA
Hang around, I`m thinking of becoming regular and I really hate those boring chart analyses! :)
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STOPgood read! keep up the great work!
Will do, thx for support. :)
when your talking about blk u mean blackcoin right? cos thats a dud coin might just shoot up back to 30ty cents.. if your lucky.. ripple is being fuled buy rumors of it going into the chinese market,( good luck with that) and being listed on bitthumb koreas biggest(worldsbiggest) exchange... xmr is being listed today, so expect a even bigger spike in that, trading comp starts 25th
Yes, BlackCoin. What you are saying about XRP and XMR (XME?) could be true for all I know because my approach to this is strictly from perspective of technical analysis and behavior of complex systems. I will include fundamental research in my future articles, but for now my focus is on pure mechanics.
Great post man! love it... I like the way you explain it out... you don't try to impress and confuse with a bunch or trader jargon like C.P. and Ivan tend to...( I guess they purposely cloud what they say to protect their "paid signals" business) Thank you for speaking plainly and clearly... it is a refreshing change to what you see everywhere else! as for fundamentals...... In my experience... from a trading perspective... fundamentals cloud ones judgment... they make you stay away from potential good profits...and also can make you hold a coin longer than the market indicates...Fundamentals are for long term investors... you look at them when you plan to buy and hold for a long time... But if you are trading daily... you should just stick to the chart analysis because it is rooted in human emotion... not coin fundamentals.
Thank you for support, I firmly believe that most of that talk is a smoke screen to cover up that this is essentially pattern recognition in relation to arbitrary scales and not that hard to learn and utilize if motivation and time are present. And I emphasize arbitrary, Fibonacci, fractals and other systems based on pure mathematics are unable to, well, mathematically predict living world. They can, however, provide framework for us play within. Some hard rules exist, such as buy on red and sell on green, but everything else is subject to pattern recognition and how one is good at it when judged through time. Hope this makes sense, all I want to say that when one looks at what indicators actually indicate it is often simple concept. It is chaos theory at work in human systems that messes with its implications and that is where that mythical "feel" for it comes; understanding the concepts and being at them long enough for your brain to rewire in way suitable for recognizing that patterns.
I do not want to limit myself as day trader or hodler or anything in between. I believe that profits are to be made on all levels and to be master of the trade, one has to know as much about as one can about all aspects of it. I want to have system that will bring me consistent money on short, mid and long term.
dude blackcoin is a dud,, i was invested and pulled out all my money into neo at 7 dollars.. what im saying is, they are listed on the worlds biggest exchange creating high volume.. and monero is coming next.. in aug 25th to be presise
Watching lot of coins, XMR being just one of them and not the only one "coming next".
As far as BLK goes, if you know something, please let me know what it is.
As far as I
m aware, they are in for their very own segwit and this chart from today looks good with plenty of exit positions if proverbial shit hits the fan, so Im quite comfortable for now.https://www.coinigy.com/s/i/599dadc77a2b9/
xmr is coming next to the korean exchange, i dunno black coin was one of the first pos coins., and i was invested for months with no change, dont get me wrong its na good coin and may slowly gain vlaue, but i mean, why would someone use that over the other plethora of coins you kno
Maybe because of this?
Bitcoin
Past limit: median time of last 11 blocks
Future limit: +2 hours
Granularity: 1 second Expected block time: 10 minutes
Blackcoin (New rules)
Past limit: time of last block
Future limit: +15 seconds
Granularity: 16 seconds Expected block time: 64 seconds
Granted, this is from old document and I could find no concrete news of their segwit activation, but this type of performance (whether or not this is true data, well, I`m not an expert and have not tested this myself) brings certain amount of confidence with investors. That could be one of the reasons why someone would use this particular coin.
Source:
https://bravenewcoin.com/assets/Whitepapers/blackcoin-pos-protocol-v2-whitepaper.pdf
people use the coins because everyone uses them.. Its like if you could use usd(bitcoin) or say the Egyptian pound (blk) no one will use blk because there is a risk of no one excepting the payment, how many stores real world places accept blk ? not many.. but im no expert myself..
https://steemit.com/blackcoin/@bruenor/back-in-black-and-out-of-losses
Thanx man! Resteemed, followed and upvoted :)
No problems, I`m glad that you find this useful and thank you for your support. :)
I like your bowl shape analysis.. need to check out NXT.