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Psychology

Bitcoin Preparing for Deep Retracement to Sub-600 (Elliott Wave) The smallest degree shown here appears to be finishing a fairly clear double zigzag. On the 60m chart you can see a confirmed terminal wave 5 of c which likely puts us at the end of the larger pattern as well, though, the small possibility of this forming into a triple zigzag can't be fully ruled out, it is also very unlikely. With that in mind this double zigzag is very likely completed and will be confirmed shortly at which point it may be a good idea to get very aggressive with this trade until it reaches about a 70-80% retracement of wave (b), which is the common retracement for a double zigzag. Wave (c) will also likely relate to wave (a) by 1.0 in time so this could potentially end right after quarterly settlement at the end of the year, which would mean this is potentially the top for the next couple of months, until we get a new bull run which should be much stronger than wave (b) and retrace wave (c) faster than it was formed to be fully confirmed. There are also really big daily bearish divergences that look ready to pop and a perfect double top on BTCUSD. This leaves us with a very good r/r trade that is fairly likely to be confirmed and will be confirmed if it breaks the b-b trendline and retraces all of wave c faster than it was formed. As customary with unconfirmed counts it is better to wait for more confirmations on this larger count before getting too aggressive, but on the shorter 60m count there is definitely a confirmed terminal impulse wave 5 that you could certainly get pretty aggressive on if this initial down move isn't retraced too deeply, and from there it may continue on to confirm the larger count as well, which is very likely to happen because usually the whole impulse will be retraced when there is a terminal wave 5. This sets us up with a really good risk/reward trade on the 60m chart which is confirmed and if this does end up violating the top and trigger the stops it will likely be profitable to stop and reverse so you can make back all your losses because it will likely continue on to form into a triple zigzag which could take us significantly higher. Always remember to want what the market wants. Inner peace is the most valuable commodity you can attain. Be fearful and logical in your management, greedy in your analysis, and confident in your trading. Having fun is the key to successful trading and being able to reverse a bad trade. Fear will only cripple you during trading hours, fear can find risk/reward and manage but it is a terrible trader because it makes you do the wrong things at the wrong times, you can't be fearful and confident at the same time. Confidence knows what to do and when to do it, and its a great trader, but it's a reckless manager and analyst. Greed puts you in the best mindset for finding the underlying structure of the market as long as you are following your management strategy and don't get suckered into get rich quick schemes. A fully integrated approach of managerial fear, greedy analysis, and then confident trading is the ideal integration of all parts of the human psyche into your trading, and if you can work from a mindset of creativity instead of problem solving, and you can have fun while you trade, then you will be able to use the power of human intuition, inspiration and insight to improve your trading even further.
BITSTAMP:BTCUSDShort
by Intuit
43
Top 10 Trading Psychology RulesTop 10 Trading Psychology Rules: 1. Plan the Trade & Trade the Plan -Plan all the potential trades beforehand, and trade accordingly with your plans 2. Always be Disciplined -Do not create excuses to break your own trading rules 3. Expect Losses -Do not take a trade unless you are willing to accept the risk 4. Emotion Management -Always analyze your trade objectively and with a neutral of mindset 5. Focus on Trading Well -As a trader, your focus is on making the good trades, not focus on making the money 6. Patient, Patient and Patient!!! -Patient to wait for the Best Setups to trade, do not trade when there are no good setups 7. Trade What You See, Not What You Think -Concern with the effects, not concern about the reasons behind of what are happening. Everything is on your charts! 8. The Trend is Always Your Good Friend -The easiest money is made trading with the trend 9. Trading Evaluation -Record down your trades, why are you entry and why are you exit, continuously improve yourself 10. Trading is a Marathon, not a Sprint! -Be realistic, trading takes time to build experience
AMEX:SPYEducation
by YongLiang
Few reasons why BTC must go down some moreTA is actually pretty simple here: 1) Bollinger Bands analysis - notice how the price was three times outside my BBs (21), marking a special condition of the market. That condition is called mass hysteria and it always calls for some kind of correction, which must lead us down enough to compensate previous strong bullish euphoria or speaking more technically - volatility means not only up, but also down. 2) June's rally was on lighter volume than October's one, meaning that the supply of losers for bulls to prey on is drying up. There is just no fuel for a new rally and we need to give it some more time. 3) The Directional system confirms that the uptrend is currently chilling down. 4) And the most conservative signal here, when confirmed - nearing bearish MACD cross. Moving averages are still showing up and that's not going to change at least until 2017, I bet - but the rocket is not ready for launch yet. Minimal target for downmove - 560, then 510-470 area.
BITSTAMP:BTCUSDShort
by zhsloe
4
GBPJPY / 4HR / BUYING OPPORTUNITY (June Promo)JUNE PROMO: www.StarProsper.com PAIR: GBP/JPY TIME-FRAME: 4HR TRADE: BUYING OPPORTUNITY In the Live Room with our Star Community, we decided to post one of our Trading ideas for everyone to follow along with. Have a great weekend Traders! NOTE: These are potential trade opportunities. Please re-analyse the trade before executing. Star Prosper Philip Stewart WEBSITE: www.StarProsper.com FACEBOOK: facebook.com YOUTUBE: www.youtube.com
Long
by UnknownUnicorn168204
7
AUDCAD W Bullish BAT PATTERN @ 0.9270Hi guys, Here we have a bullish BAT PATTERN on the Aussie-Canadian Dollar coming in at around 0.9270. This is a long-term trade so I'll be making sure I take into account my position size in order to manage my risk effectively. The reason why I love BAT patterns is that they give such good risk-reward which is obviously key to trading successfully. Stops will as per usual go below the X leg and targets will be at the 31.8% and 61.8% retracements. THANK YOU FOR YOUR SUPPORT! Trade Numbers: Risk: 270 pips x 2 = 540 pips Reward #1: 350 pips. R:R = 1:1.3 Reward #2: 550 pips. R:R = 1:2.1 Plan your trade... Trade your plan.
Long
by Krunal.Patel
CADJPY 60 Bearish CYPHER PATTERN @ 84.75Hi Guys, This is a bearish CYPHER pattern @ 74.10 and stop loss will be placed above the X leg which is used as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade. Thank you for your support. Trade Numbers: Risk: 65 pips x 2 = 130 pips Reward #1: 67 pips. R:R = 1:1 Reward #2: 108 pips. R:R = 1:1.65 Plan your trade... Trade your plan.
Short
by Krunal.Patel
NZDJPY / 4HR / BAT + CYPHER + (VIDEO)VIDEO: www.youtube.com BAT AND CYPHER PATTERN PAIR: NZD/JPY TIME-FRAME: 4HR TRADE: POTENTIAL BAT AND CYPHER PATTERN It's been a long time coming, but the analysis video is out and ready for your viewing pleasure. Hope everyone has had a great week and look forward to seeing everyone in the Live Room Monday morning. NOTE: These are potential trade opportunities. Please re-analyse the trade before executing. Star Prosper Philip Stewart WEBSITE: www.StarProsper.com FACEBOOK: facebook.com YOUTUBE: www.youtube.com
by UnknownUnicorn168204
EURGBP / 1D / BAT PATTERN / POTENTIAL REVERSAL ZONEBAT PATTERN PAIR: EUR/GBP TIME-FRAME: 1D TRADE: BAT PATTERN Good morning traders. We have a nice Potential Reversal Zone on the EUR/GBP Daily time frame. I don't personal trade the daily, but will need to look for a case for entry on a lower time frame. NOTE: These are potential trade opportunities. Please re-analyse the trade before executing. Star Prosper Philip Stewart WEBSITE: www.StarProsper.com FACEBOOK: facebook.com YOUTUBE: www.youtube.com
by UnknownUnicorn168204
UKOIL / 1HR / POTENTIAL GARTLEY PATTERNVIDEO: www.youtube.com GARTLEY PATTERN PAIR: UK/OIL TIME-FRAME: 1HR TRADE: GARTLEY PATTERN For those that have been watching me trade Oil in our Live Room, we have been doing extremely well. Here is another Gartley Pattern opportunity for us to Trade. NOTE: These are potential trade opportunities. Please re-analyse the trade before executing. Star Prosper Philip Stewart WEBSITE: www.StarProsper.com FACEBOOK: facebook.com YOUTUBE: www.youtube.com
FX:UKOILLong
by UnknownUnicorn168204
AUDUSD / 1HR / POTENTIAL CYPHER PATTERN + (VIDEO)VIDEO: www.youtube.com CYPHER PATTERN PAIR: AUD/USD TIME-FRAME: 1HR TRADE: CYPHER PATTERN Hello Traders, I have this on my radar for the coming week of trading ahead. Waiting for Price Action to complete our Potential Cypher Pattern. NOTE: These are potential trade opportunities. Please re-analyse the trade before executing. Star Prosper Philip Stewart WEBSITE: www.StarProsper.com FACEBOOK: facebook.com YOUTUBE: www.youtube.com
Long
by UnknownUnicorn168204