I like the setup of XLM and will be entering this coin. I have posted images because I am not sure what all will post.
Weekly Charts Analysis: I can clearly see that the Main Wave 3 on the storyline here has completed, RSI is peaked out, and the retracement has begun with lower highs and lower lows. I project that the bottom of Wave 4 will complete near the 3200 area.
Daily Charts Analysis: Looks like the Wave B of the retracement is finishing up and the candles will be turning red soon. A falling wedge pattern is forming and trade volume is decreasing showing that the momentum for price movement is slowing down as well.
4 Hour Chart Analysis: The retracement wave is very clear from this timeframe. Wave B has just completed, but what is to be seen is where the corrective wave will end. Will this be an ABC or an ABCDE Wave? That I have not determined although the falling wedge is rather long. That makes me lean more towards an ABCDE over the shorter retracement wave cycle (ABC) but time will tell what it is going to do and I will prepare accordingly. I will set 2 target entries. If both get filled then awesome! It was a good double down. If one gets filled, I am still in good shape.
Target Entry: 3200 & 2900 Bullish Wick: 2500
As mentioned in my profile bio, this is where I will be journaling my thoughts on trades and price movements. These are just ideas. This is NOT investment advice but rather a way for me to keep track of my trades and to record my thoughts and emotions on a trade to reflect on for the benefit of my psychology and charting for the future. You can follow me if you wish but please do your own due diligence when it comes to investing your own money.
Bitcoin Tip Jar: 1L7HkYqjviyeLmFkrKZWZcoBWHnP19JH7u
Kommentar
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Price is still slowly drifting down despite the McAfee pump today... [the 1 long green wick :) ] Patiently waiting for the price to continue to move down.
Your chart caught my eye because I am in a swing trade with Stellar now. I never looked as far back as you did to chart that original Wave 1... I started my charting in only a few weeks ago when it started it's new run.
My compliments on your layout and explanations... especially the part about how you are using Trading View as a "journal" to track your thoughts/movements/play/reasoning etc... I think that seems wise. I think I will follow along:)
Cheers.
GannJourneyman
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Thanks @ABear! My philosophy is that a chart is a story. It could be landing the girl of your dreams, the crazy ex you want to avoid, or making sure the "one" never gets away. That is why I try my best to get the full big picture and the small details to make the best decisions.
DrDan
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Hey = really happy to have found your chart. I'm keen to see how it plays out. You've pointed out something different than what I saw, so I'll use it as an opportunity to learn.
My compliments on your layout and explanations... especially the part about how you are using Trading View as a "journal" to track your thoughts/movements/play/reasoning etc... I think that seems wise. I think I will follow along:)
Cheers.