You are viewing a single comment's thread from:
RE: The Effectiveness of "Pivot Trendlines", Using Bitcoin's Current Price Data
I know exactly what you mean. EW is an art and just like any art, it depends on the artist. I don't rely on the micro counts or complex corrections. I basically look for the abc corrections and once c is close to a bottom, I ladder in my entry in other words scale in or spread my buys. After abc correction is always a reversal and play that for the impulse five wave up. I did this with Bitcoin's July bottom to recently and sold at >70% profit. Not too shabby.
I hear ya and I agree on the artist comment. That's true of all TA, really.
This ABC correction strategy certainly makes sense. Basically a relatively high probability reversal, "counter-trend" trade or "trend-continuation" after correction, however you prefer to look at it.
I can definitely see your method complementing my own style very nicely, especially since I'm pretty sure that I already intuitively read the market similarly to your EW method, probably from having so much experience with reading charts and noticing patterns.