ZRXBTC

What if this was EW and ABC correction is following? I'm willing to risk 5% and short part of ZRX I hold bellow point 5 with stop loss just above point 5 and drawn targets for profit talking. Final target is near point 4, which is also 0.618 Fib retracement of the whole EW.

Bigger picture:

Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)

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This is what I'm waiting for:

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Still within limits for bearish Cypher.

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I know this looks a little bit messy - I don't know how to make a screenshot without long and short position labels.
A little explanation:
- for 1st trade I have open short order from few days ago
- for 2nd trade I've just put order for short position, aiming to point D
- for 3rd trade position (long) I'll put order only if ZRX will come to D level

Trade active

Please refer to image from previous comment, not the original chart posted.
2nd order got filled, 1st order was canceled.

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So far so good. I lowered initial stop loss to 14k2. I'll wait some more before lower it to 13k8.
I expect some downward resistance around 13k (point B level) and possible bounce upward. Also point D is not still defined - I'll take care of it when ZRX will come near support line level.

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SL lowered to 13k8.

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SL lowered to BE.

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SL lowered to 13k3.

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I'll try to close 1/2 here, order placed at 12k1.

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Stop loss lowered to 12k8.

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1/2 closed at 12k1.

Trade closed: stop reached

Lowered stop loss reached. So 1/2 with 10+% profit and 1/2 with 5+% profit. Goody.

rludvik

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rludvik