I outlined the harmonic resistance in the 8k area. The AB=CD completed at 7600 while the Bearish Three Drives at 8250. The market topped last week just shy of 8k - 7880 exactly. Despite the fact that the Bearish Three Drives fell just shy, this recent peak IS an important inflection point that will lead to a larger correction. As I said in my prior post, a 30-50% haircut is likely. A 50% drop back to 3800 is possible but the NATURAL HARMONIC TYPE-I REACTION that I defined in my "Harmonic Trading: Volume One" book experiences a 38.2% of the measured structure. In this case, the AB=CD is the relevant pattern that possesses a 38.2% weekly retracement at 4800. Currently, BTCUSD is trading back at 6k but I would wait for the minimum pullback to the target before accumulating more Crypto. Update to follow...
I must say nice work! Seeing the idea you posted before without " guru talking " plain and simple. While TOP traders post gazillions of ideas with no clear directions but " guru talking " that attracts newbs because they read and think these guys are super smart! Simply great work and very great prediction! Sadly these works don't get on main pages and are slept on.
Good Luck.
ScottCarney
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@TheZabisyu, much appreciation...when applied properly harmonics are effective in crypto. There will always be "lots of traders" but the ones willing to do the work succeed over the long haul. Keep up the great feedback!
King_David888
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@ScottCarney , nice analysis would you say a good renetry is at what level?
5500 ? lower or higher
ScottCarney
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@davecarson1, 4800 or lower
Trader6127
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Scott, thanks for sharing!
alejandroscotti
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Thank you!!! <3
Dyrus_Liu
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Hi Scott.Really likes your trading pattern,i found that you always make risk and reward ratio with 1:2 or more when you first target reached.But i also see many guys on this website use your trading strategy make risk and reward ratio with 1:1 when the first target hit 0.618,So how do you think of that?
ScottCarney
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@395510528, Type I trades require aggressive management and should manifest signs of a reversal within 30 bars after completing the Terminal Bar. 618 target great but the 382 is the one to automatically scalp on at least 1/2 the position - no matter what!
alvincris.catabay
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thank you for sharing...
fabrixpo
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Hope for 50% retracement! Thank you for sharing valuable point of view
Good Luck.