Point and Figure
Today we've entered into a column of 8 X's. In my last post, I wrote about a long pole of X's from 12/20. This long pole was resolved 50% on 12/27. There are no more long poles of X's (since July 2017). We are still in the range between 3,240 to 4,454.
Here are the recent long pole of O's, from the big wedge breaking down, which have not resolved 50%: 10/31/2018: 23 O's, resolves if price moves above $6,901. 11/15/2018: 19 O's, resolves if price moves above $5,885. 11/20/2018: 29 O's, resolves if price moves above $4,920. It could be a while before we see all 3 resolved, but I would be cautious shorting until at least the third is resolved with a price move above $4,920.
3-day Bull Div (old chart)
Last time I posted I recommended closing short-hedge on 2-hour timeframe and keeping 3-day long open. It has been quite some time since our 3-day bull div confirmed so I cant help but wonder 'has it played out?' Why haven't we reached my target of 5k yet? Is it taking too long? Answer: The 3-day RSI is still low. There is no bear momentum shift on 3-day, 1-day, 12-hour, or 6-hour, and no set ups for getting these in the near future. Therefore, the 3-day bull div has not played out. Hold long on 3-day timeframe. Patience is important.
1-day Inverse H&S
Here is a set up for an inverse H&S. This will be a H&S if the price moves above the teal trendline. Confirmation occurs when the 1-day closes above the neckline. A H&S confirmation could be an opportunity to open a long position and a strong sign to close short positions. However, I am of the opinion that the 3-day bull div was the more appropriate place to open a long.
My New Years Resolution: My new years resolution is to lose weight and work out more. 😉 Probably not appropriate to talk about here though so let me give you a resolution relating to trading. It has to do with tracking my trades. I have tried everything, from a pen-and-paper notebook to an excel sheet with complex calculations and built in visual basic functions to a onenote folder with detailed charts. I can't seem to stick to anything and I can't seem to re-visit old entries for discussion on how things played out. I've written long journal entries and cheat sheets detailing the importance of record keeping, then fall flat at it as quick as I do with my dieting goals. So this year I am going to stop trying to keep a trading journal of my own and instead use reddit. I tend to post on reddit anyway so what I will do now is be more divulging about where I've taken entries and exits on longer timeframes so that I can look back later and see how it went. I figure that I am more likely to stick to it if I only journal one place instead of 2 or 3. And I have a natural inclination to post here so why not.
If you do not have your keys then you do not have control over your BTC https://www.proofofkeys.com/ Please take part in the Proof of Keys annual celebration tomorrow. Personally, my keys are split 3 ways. 1/3 is in my will / lawyer office. 1/3 is in my computer under time-encrypted password. 1/3 is memorized by myself and my loved ones. I validated it today. Validate your keys. Don't trust that you remember where you put them, etc.