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RE: Let's discuss why I Do Not use indicators
I really like the way you are helping us to learn the trades . According to your prediction , Bitcoin fell to 3000$ , Do you think I should buy some size and hold it for some months , Do you think it will surpass 5000$ in a few months ? Thank You and a lot of love :) ( If someone interested member of our community wants to help me out in this question , then please go ahead :) )
I dont predict future events, I am a reaction trader. I let the chart dictate when I should buy. It is impossible to know what 100,000 people are going to do in the next few months, or what news is about to break.
"According to your prediction , Bitcoin fell to 3000$" - @therabbitsfoot Let's dispel this myth, @quickfingersluc did not predict the price of Bitcoin. There is a night and day difference between probability and prediction. Luc understands the probabilities, he does not make predictions.
Luc read the chart correctly, he noticed that there was a higher probability of a decline in the market. We know that the market tends to retrace to past lines of support and resistance, therefore we can expect a revisit of key points on the chart in high probability. Since we skyrocketed so quickly through the 3K-4K price range, there was no historical bases that could be tested. This means the market is likely to dip down as the market discovers where the lines of support and resistance should exist.
None of this was a prediction, it was something that anyone who spent the time to read the chart could deduce might occur in the future. When? Nobody knew. Luc was just preparing for that possibility and nothing more. He doesn't have a crystal ball, he just reads charts - then prepares to REACT for the outcomes.
I hope this clears things up!
I don't think Luc likes to predict things.