btc wedge in *log*
Hello!
this is just a slight tweak to my first trend graph, I made a huge mistake. Some people with more experience than I pointed out that trend lines should be in LOG scale, horizontal lines don't matter as much.
I got a little excited/anxious that we had broken out of the wedge, although I didn't trust it as it had drifted into an ascending wedge on low volume and longs started taking profits.
I'm glad I was skeptical, redone in log we are still firmly within the descending wedge. Also Williams alligator is showing a strong downtrend on the 4hr, reinforcing the down trend on the daily.
I didn't re think the fib 0-1 on fractals as it looks like we skipped one, so I'm not confident we will continue to repeat the patterns, or possibly they are getting even smaller and more intricate in ways I'm not noticing. I might re draw the fib fractals when I have more time just out of curiosity =)
My only advice as someone very new in the markets is... anything can happen. TA just gives you a 10-20% edge on your gamble on average, which is a lot, but still never 100% =)
Have a great week!
this is just a slight tweak to my first trend graph, I made a huge mistake. Some people with more experience than I pointed out that trend lines should be in LOG scale, horizontal lines don't matter as much.
I got a little excited/anxious that we had broken out of the wedge, although I didn't trust it as it had drifted into an ascending wedge on low volume and longs started taking profits.
I'm glad I was skeptical, redone in log we are still firmly within the descending wedge. Also Williams alligator is showing a strong downtrend on the 4hr, reinforcing the down trend on the daily.
I didn't re think the fib 0-1 on fractals as it looks like we skipped one, so I'm not confident we will continue to repeat the patterns, or possibly they are getting even smaller and more intricate in ways I'm not noticing. I might re draw the fib fractals when I have more time just out of curiosity =)
My only advice as someone very new in the markets is... anything can happen. TA just gives you a 10-20% edge on your gamble on average, which is a lot, but still never 100% =)
Have a great week!
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