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RE: Time For Cryptos to Try Again
For me, this has been very informative. Although I have no idea how you and other traders are able to calculate Fibonacci projections. Do you use it the same way in a downtrend as in an uptrend?
It's complicated actually. On EWT, we teach fibonacci projections in the context of Elliott Wave. (I was once a paid member but was brought on staff to lead the crypto trade room). Each wave has a relationship to each other and we use those relationships to validate our count. And, if our count proves accurate, we can tell where the market is likely to turn ahead of time. Or, where we need to stop out of our trade. RN Elliott didn't put such strict rules on his theory but talked about some tendencies. We lock it down. Further, most platforms calculate in linear. Fortunately Motive Wave the software calculates fibs in log when you set the chart to log. Kind members on the site with a little help from me, created a log fib tool for trading view which we circulate to members.
Ok. Thank you for explaining it in more depth and opening my limited understanding of trading. Thus far, I only know how to read RSI, MACD, and the Moving Averages. My capability of using the Fib tool is very limited and the Elliot Wave was something that I could not make any sense of lol
I appreciate you taking time to go write back, slowly slowly I'm getting a sense of what I need to learn before I can start trading :)
The best school for trading is putting money in the market. It accelerates your learning. But best to just stat with very little money. Money you don't care about. With cryptos you can trade with $5. Whether you grow it or lose it, you learn faster.