Luc, a position trading question here.
So I am going through BitTrex and setting up my alerts. Basically on any chart that I think looks good.
I remember a while back you mentioned to look for charts that have a high or 100% success rate.
On this chart here: https://www.coinigy.com/s/i/5982484d82122/
You can see I go back in time, pick out the largest/most significant bounces up, and chose the bases, then get the approximate panic lengths so that I can choose my entries there.
On that though, you can see that I've circled and put a question mark in. Would you consider that base broken, and no return yet? And therefore not consider it and set up an alert for it?
Or would you just look at this chart and still trade it?
As I think it looks like a good chart, it just has a potential base that hasn't been returned to... or at least not yet?
p.s., I could see how you could consider a MINOR violation of that based that was returned to(its really small).
This is a perfect chart and a trade on a break of the 17 and then a panic drop are very good, the only issue is that, that particular break was when ETH took a hard fall.. and everything was falling, so some things had a hard time bouncing properly, with the whole market going down... several trades had a hard time on July 7th... So GNT in particular fell to .000135 and bounced to .000158 .. not quite making all the way back to 17s.. the .000135 became a reliable base and when it dropped to .00009s later it bounced perfect.. I expect the chart will correct itself and get back to 17s soon.. but I wouldn't wait around for that.. I would be trading any future cracks, but with the knowledge that there was one time it didnt quite make the bounce.. (although that was partly due to the market activities at the time)
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Thanks. You mentioning the context of what was happening on the 7th, put a lot of other charts I'm stalking into context.
Here is another example:
https://www.coinigy.com/s/i/5982822759ec7/
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@quickfingersluc can you please explain how GNT/BTC is a perfect chart? Let me know if I'm completely off here but this is where I would draw my bases.
https://www.coinigy.com/s/i/5983c6b269444/
There is 1 break that would work really nice and the other potential breaks from the base are pretty small and not panicky so you would have to be extremely vigilant to catch the bottom on them. I'd love to hear your explanation because maybe I'm looking at this wrong and I wouldn't want to limit myself on other charts if I'm not seeing something. Thank you!
Edit: Re-looking at the chart again, I guess you would just need to exercise patience and be cognizant of the previous bases as they extended out weeks and were eventually cracked. The times it did crack with the exception of the 7th, this is still a relatively high probability chart. Sorry for questioning but just wanted to confirm.
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