CRYPTO of the week NEOUSD daily: investing? Maybe. Trading? No.
NEOUSD Daily update - 04/06/2018
NEOUSD ended a cycle from inception to 198.20 high. In daily, there is no RSI divergence, so I cannot assume that this first cycle was a motive 5 waves and therefore, I would not say NEOUSD is bullish in daily. However, you know that we do not need a motive 5 waves structure to have a trend, especially in the early phase.
From this high - 198.20-, NEOUSD has been correcting in a double correction to 44.16 low (blue 1-2-3 cycle WXY) and I called the cycle ended DESPITE we only reached 61.8%-78.4% of the extension and equal area is standing at 6.58-negative territory. So EW theory got its limits here and I will assume that lower time frame (used to call end of the correction) will force the way to the upside BUT that means that we can totally see lower.
From 44,16 low, NEOUSD recovered in a corrective 3 waves to 84.72 high and overshot in a FLAT (bull trap) to 94.65 before diving to 47.45 and challenging 44.16.
I got stopped out around 60ish few weeks back and recommended to let it aside because the motive 5 waves from 94.64 could extend and this is what happened. (Taking a loss and changing strategy when view is denied is OK, holding on to losses is NOT OK).
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 04/06/2018-10/06/2018, I propose NEOUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
NEOUSD ended a cycle from inception to 198.20 high. In daily, there is no RSI divergence, so I cannot assume that this first cycle was a motive 5 waves and therefore, I would not say NEOUSD is bullish in daily. However, you know that we do not need a motive 5 waves structure to have a trend, especially in the early phase.
From this high - 198.20-, NEOUSD has been correcting in a double correction to 44.16 low (blue 1-2-3 cycle WXY) and I called the cycle ended DESPITE we only reached 61.8%-78.4% of the extension and equal area is standing at 6.58-negative territory. So EW theory got its limits here and I will assume that lower time frame (used to call end of the correction) will force the way to the upside BUT that means that we can totally see lower.
From 44,16 low, NEOUSD recovered in a corrective 3 waves to 84.72 high and overshot in a FLAT (bull trap) to 94.65 before diving to 47.45 and challenging 44.16.
I got stopped out around 60ish few weeks back and recommended to let it aside because the motive 5 waves from 94.64 could extend and this is what happened. (Taking a loss and changing strategy when view is denied is OK, holding on to losses is NOT OK).
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 04/06/2018-10/06/2018, I propose NEOUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
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