Bitcoin day trading – The best Elliott wave analysis – Episode #26
welcome this is bitcoin day trading the best elliot wave analysis episode number 26. today we are going to take a look at the shots as always but i want to explain something to you so we'll take a look at the whiteboard also and since yesterday my outlook did change again so yesterday i was looking out for a double zigzag and we only did get a zigzag and i want to explain to you what a zigzag and a double zigzag is or a triple zigzag and to do that i will show you a white part but first i have to show you my disclaimer so that you are aware that trading involves risks so please read the disclaimer and they read also my risk warning and if you need some help with trading let's say swing trading or dictating what you are doing on this channel you can always reach out to me i do one-on-one coaching and i have a 60 discount right now if you're interested you can also talk about investing of course if we talk about investing you we and we discussed the eventuality of investing in bitcoin we would take a look at the higher time frame to see where you are and what you can expect over the long term term on this channel i don't do this because i'm only focused on day trading but um there's no problem for me talking about um swing trading or investing if you're interested in that now that being said i want to share with you my whiteboard and explain what i did right on my whiteboard so let's me let me put my head down here so you can see what is written on my whiteboard so i can put it in red because the color is only black i think i could but it would it would mess the right part off uh it would get really messy if i did so let's stay with black simply so the first thing you see is a down up down i hope you can see that in my cursor um but it's the first button you see it's a down up down and you can see that the pattern did not go as high as the starting point um the the b which way and b by retracement did not go as high as the starting point because the first question is an a b c i i'm not putting it on because if i put too much stuff on the chart it will get messy so that's a simple zigzag okay and now what you can do you can simply add four waves i'll explain to you why you do uh four waves and not five or eight but simply four in a couple of seconds but first i want you simply to add four ways so you do three plus four which equals to seven and the second button you see is a is the seventh button one two three four five six seven so you have seven um buttons in the in the second wave and you can label it on an abc so it's the same thing as the first button in abc but in the second button you see the subdivision of the a wave because the a wave subdivides into a b c i hope you can follow it what i'm saying to you that you get the b wave and then you get a c wave which also subdivides in an abc so what i want to say tell you is that the second pattern you can see it as also a simple zigzag or you could call it a double zigzag because it's compos composed of an abc like the first pattern then a corrective x-wave then again abc okay so it's you could call it easily a double zigzag now i have labeled it as if it was a simple zigzag but you could you could uh label it as a double sixer in that case instead of the b you would write an x wave and you would simply consider the the first wave the first zigzag then you would consider them um the linking wave and x-wave and then you would consider the last portion of the correction as exactly you would call it the double zigzag then you would have say seven waves and now if you add four again i'm not i'm not showing the last button on my shot because it would it would take too much space but if you add four again you will you will just so you you do you go from seven plus four so you would get 13. so if i if i would draw you a declining 13 13 declining waves it would be a triple zigzag but it's it's still the same thing it's still a zigzag okay it's just giving you more subdivisions oh in the 13 waves you can also simply label it as one zigzag you can label it as three zigzag or as one zigzag but it has the same message in it it's it still is exactly so a simple zigzag a double zigzag or a triple zigzag convey the same message they're all corrections uh i wanted to tell you that and you might ask well why do i add four waves it's simple because if you go from one wave and you add four waves you get five waves so here as i showed you one wave and if you simply add four x to it one two three four you get a five wave okay and that's now the the definition of an impulse wave a one two three four five up that's the impulse rate and if you add four waves again you get nine waves and that will and that is still an impulse rate it's just giving you more subdivisions and um the in the series of numbers like 3 7 13 you can do it to infinity it always will convey the same message the same 1 5 9 and then with 9 um i'm sorry i i'm i'm counting it one it is nine and then you get 13 because 9 plus 4 makes 13 but i'm i didn't make a mistake by counting on my chart so let me correct that if i can erase how do i erase i'm not seeing my razor yes eraser okay now let me okay i have to erase all that let me write it again for you so seven plus four equals eleven okay not thirteen eleven and then and then it goes on to infinity you do 11 plus 4 which will equal 15 but it's it goes on to infinity and 5 plus 4 will equal 9 and then it goes also on to infinity after 9 you will get 13 and so on so that's what i wanted to explain to you so there's a so one wave or five wave is same thing it's still it's still an inputs wave up and three wave down or seven wave down it's the same thing it's still a corrective zigzag now i'm talking about this because yesterday yesterday i went into i was looking at my chart and i told you that i'm looking out for a double zigzag i don't remember if i if i said the word double zigzag but that was uh what i was looking out that was was what i was expecting and we take a look at the chat there and i'll show you that right now so let's take a look at the chart and this is the correction um i saw i met i think i saw the the entire correction and i was expecting a doubles exactly so what i did see yesterday when i did made the my intervention was the entire collection from i'm not sure if i if i saw the entire up wave here the wave one to the lay but now we have one but i saw the entire correction from from wave i think at least if i don't it's still important that you you get what that whatever was saying and what i meant what i meant is from wave 4 5 to wave 4 of c i saw that correction and i did label it in a g and c so it was it's the same thing that i'd just show you on the charts okay and after that correction the abc a b c i was expecting an x wave so i was expecting that this would be an x-wave and then i was expecting one more abc down so i was expecting a doubles exactly and that did not happen what did happen was that we traced a wave one which subdivides into five waves one two three four five we did trace a wave one and then we trace a wave two and right now i'm labeling the wave two um double v x and y for wave two okay and that's what that's what we uh traced out and if you you play pay attention i have a diagon uh an ending diagonal here which a trace like this where wave four enters in the territorium of wave one so you have uh you have wave two three four and four and that's clearly the price tag uh territorium of wave one so that's an ending diagonal and i see one more here that's why i put the lines on top of it because i see two and two ending diagonals it's not really important but i just wanted to mention it and after the correction after the from wave one to wave two we did get now a third wave up i i haven't put it on the chart right now oh yes i did i did put wave three here wave four here and wave five here and now we are collecting um the impulsive five wavelength this can count as wave four because it does not enter the price criterion of wave one let me just check if you say ty how you say it in english in french she said let me check so i'm just going to ask bixby now i ask my translator to translate a word from french to english territory no stop just a second sorry for the delay okay he doesn't get it sorry um i can't help you i have to check it later it will you would waste too much time checking it now and my uh transaction app doesn't does work correctly so i'm wasting your time anyways and the zone of the first wave let's say the zone of the first wave that would be proper english so wave 4 does not enter the zone of the first wave i would say in in french but territorium in english i'm not sure that the part exists and i wanted to check it but anyways it's not that important uh it does not enter the zone of the first wave so you can label it away for and then you get away five up and now we are correcting the fifth wave so i'm expecting us to make an a b c which would also be a zigzag and i'm expecting this exact to st to find support at the bottom of wave 4 so i'm expecting us to go down up to there and then then i'm seeing higher prices and to talk about higher price let's switch to the three hour charts and as you can see i did also relabeling here so yesterday i was expecting i'm telling you the same thing again on on the three hour chart i was expecting a wave one x-wave collection and then and with and then a c wave down if you want an abc which is also as i told you three waves equals equals seven waves which also doubles zigzag because that the first wave down we could with one zigzag as i showed you here so this is uh one zigzag from here to here you have one zigzag okay and if we would have got than an x wave and then we could have gotten one more zigzag down okay but we did not so if i go back so that the first one was exact then i expected an x-wave and then one was exact out because i was expecting us to reach i was expecting us to reach the 0.382 fib retracement level but we only did reach 0.236 six retracement level that's something that happens and so the the fourth wave from
wave three up here to a four down was really brief shots it only went uh it was only um a little zigzag and i was expecting a double 6x i was expecting an x-wave then and then one more wave down or i probably just told you a cp abc because undoubtedly it's the same thing as an abc i've tried to explain that to you and normally if you followed my train of thought you should understand it now you can play with that you can you can draw on a piece of paper three waves and label it in abc and then you can draw uh seven waves and label it again an abc or double zigzag or label it as a double zigzag and then you can uh draw 11 waves and you can label it as a triple zigzag or again uh same as a simple zigzag it's the same thing they all have the same message they all convey the same message so now let's talk since we about trading since we did accomplish wave 4 for my new outlook at 0.236 and we are now in the process of accomplishing wave 5 i went long again so i changed my opinion and went along again and you you get that information a little later but you still can go long and you still can go along at a at a good price because right now we are accomplishing uh a zigzag down which will correct wave which will correct the impulse wave up and you can go and go long whenever you want if you're patient you can go along at the bottom of the zigzag at the c uh when they see when the bottom of the sea wave is reached you could go along for the fifth wave up so after after having done uh b4 i'm expecting a wave five up and here after y5 at 69 68k but we talk more we will talk more in the coming sessions about my target for wave five let's uh now accomplish the second wave down and and then we'll see about the target of wave five um you are trading you must be patient so you could act you could ask me why i did go long and i did go and and i did did not go short as i told you yesterday i did not go short for the fourth wave even though i expect us to reach the 382 level because i thought there's not too much space we were around here and i thought there's not too much space to the downside so i was not really eager to go short but then the price developed in a way that i was not expecting in my forecast but it's fine i mean when pricing i give me new information i'll change my forecast it was expected in in a different way and we get did get an impulsive an inputs wave up so a one two three four five and while we were developing that the key levels indeed and did wake and i saw that we are not accomplishing an x-ray but that we are impulsive again so eliot wave told me to go long so i changed my opinion and i waited just for the feature to tell me also to go along the triangles below my my the triangles below my candles when they went green uh i had had the confirmation that we were starting a new imports wave up and i went and i went directly long for my stop-loss level um the best top-notch level you can make you can have is the 45-21 because we cannot enter the price zone of wave one so from here to here we cannot enter that price so so that's the best 45 21 would be the best stop-loss level you take i i take a closer one to the price because i i'm taking the heavy leveraged position so my stop loss needs to be closer to the price so i took the uh 53 909 level as my stop-loss level for my last trade where i'm expecting us to accomplish wave 5 up so since we did since now i think we did wave four down i'm expecting by five up and i went long for that wave up up move and you can go along the same even if you enter the even if you enter a little later you still can't go long at around the same price that i did or even better because you can wait for wave c to accomplish and then go long as soon as you think that wave c is accomplished you could go along you know that way c has have to write into five waves one two three four five okay two three four five and then it's over so you can look you can follow it you can track it and go along whenever you want okay that's all i actually wanted to tell you today and yes so i had somebody asking me to make a third intervention yesterday and i could not manage to do a third intervention yesterday and i'm not expecting to do to make three intervention a day i'm i'm planning on doing one intervention right now because i find it fun to talk about the charts and tweet your comments i enjoy reading your comments they are quite motivating um but i uh sometimes i'm i might make a second intervention if something happens or if i find the time or for it i might make a second intervention as i did yesterday but that is it's an exception case most of the time i want because trading is a psychologic game so to be a good trader it's like winning an an olympic medal a a olympic gold medal just there are very few people who manage to become good traders because psychologically they can't they can they can't manage the trading stress the the stress that is involved in trading so i have to keep my balance and i won't keep my balance if i spend let's say 10 or 15 hours a day talking about looking and talking about charts um i i find it really passionate i really enjoy it i'm looking i'm standing up in the morning and looking forward for the intervention i do but if i do too much of it it it will be too much and i will lose my balance and i will feel less good and if i feel less good then i will trade badly so i have to take a great importance to my psychological and also my my physiology physiological health so there are several things i do for example every day i go jogging and every day i meditate which does me some good especially for the stress so that i get my stress level down and then i also play the piano so i have to take a couple of hours a day for playing my instruments and i'm writing right now and i'm in the process of publishing my second book so that all my second philosophic book so that also takes some time and then and once i publish my second book i'm always already writing the third book so that also takes some time so i'm just telling you that that i cannot spend the entire day just looking at charts i need to do something else i need to go outside i need to i need to change my ideas i i need to think about something else and do something else that i enjoy i i am i really love trading i'm really passionate about it i find it extremely interesting that's why i i do these videos and that's why i talk to you and that's why also i reply to your comments because they're interesting yesterday um for example a person asked me i don't remember his name sorry i should i should promote his name but a person asked me when i would know that the b wave is over of the zigzag that was i was talking about and i told him when we traced 100 from the start and then he asked me to do a video about it but i could not manage i already did too and i could not manage to make a third one i i yesterday the entire day i was late to my appointments because i did a second intervention so i really enjoy it but for my balance and for my psychological health i cannot overdo it so one intervention that's already a lot i don't know any trader who does one intervention a day and i and i have done it now i think for let me check i have done it now in a row for 26 days or maybe a little less because once or twice i did two two videos a day but i have done it for more than 20 days in a row without it without taking one single day off and if i remember i'm never sick so during the last 20 years i didn't uh catch a cold i was once sick so i'm never sick so i can keep up with that level of intervention once a day for on the long run but i still need to pay a huge attention to my psychological health and my physiological health because if i feel bad in my body then i will trade badly so i have to take care about all the rest of of stuff that i enjoy and and that i want to to spend my time with i cannot just look at charts for 15 days for 15 hours a day and comment them for you i i mean i'm not a machine i'm a human being so i need to change my mind i need to have other occupation and other habits to spend my time with i hope you you get that so expect one intervention really occasionally you can see you could see a second dimension but don't count on it expect one intervention and i should be able to deliver that on the long run i should be able to do one intervention a day and that's more than enough that's more than enough if you want to trade along my side because even if i entered the long position before you did let's say you you waited for my confirmation and you didn't want to go long until i i told you that the fourth wave was over even if you if you waited and even if you see this video now or in one hour it should still be the perfect time to go long for the fifth wave so don't worry about it and don't forget your stop-loss level if you if you go long because you always need one and one last thing you should not but trading is is extremely um risky business so i'm expecting to be wrong i was right on my last short trade and i was right on my last long trade so i was quite wise right twice in a row and now i'm entering my third trade and i might be right or i might be wrong but i'm expecting uh to be right three times and to be wrong two times so i'm expecting to to give you wrong forecasts and i'm expecting to lose money on my trades i'm expecting to lose money twice and i'm expecting to make money three times that's what i'm expecting so you should be aware of that and and i make money because in that case everything is fine and i developed a business that will make me a lot of money because i'm more raw right that i'm wrong and also i expect my winning trades to make more money than i will lose in my losing trades but that's the second thing um i think i talked enough for today i'll see you tomorrow for one more intervention please comment i like reading your comments um subscribe and hit the bell notification icon because you should get those interventions as soon as they are out so hit the bell notification icon then youtube will notify you every time i publish an intervention have a nice day bye
2021-10-17 04:14
