ProwdClown

ETHUSDT - Poloniex - Wyckoff Accumulation Schematic

POLONIEX:ETHUSDT   Ethereum / Tether USD
I decided to create a publication for ETHUSDT             at the request of another TV user...

He was wondering if it was moving pretty much similar to BTCUSD             ...

We are currently heading downside to our Second Test (S.T.) in Phase A before moving on to the first stage of Phase B. At least this is my opinion... :)

Pasting the chart again here in case TV scrunches up the cover chart for this publication so it will be easier for you to read and see the chart as I intended:



Here is an image of a Richard Wyckoff Accumulation Schematic: https://imgur.com/945poSJ It's IMPORTANT TO NOTE the price action does NOT have to play out EXACTLY the way it's depicted in the Schematic by Wyckoff. It's ONLY an example of POSSIBLE price action within the schematic.

Here is a link with further information on the EVENTS TO OCCUR WITHIN THE SCHEMATIC. It was put together well in a short synopsis of Wyckoff Schematics: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method

Books by Wyckoff can be found here. However, make sure to scroll down till you see the name, Richard Wyckoff. MANY other books on trading can be found here as well. Excellent source of trading material FREE online: http://www.traders-software.com/Trading%20Books/

An excellent video to start with on teachings for Wyckoff by David H. Weis can be found here: "David Weis on Wyckoff, Support/Resistance , and Waves" - https://www.youtube.com/watch?v=uzISUr1itWg&amp=&ytbChannel=BigMikeTrading

Charts with indicators will follow soon.

2-Day TF:
評論: 1440m (Daily) TF:

評論: 720m TF:

This will be my last chart for several hours. I've been up all night and about to get some sleep.

Happy Trading,

David

評論: I made some additions to the Wyckoff portion of the ETHUSDT chart.

Also, do not assume our ST (Second Test) in Phase B will go below previous low of Selling Climax in Phase A. I've seen far too often where the ST in Phase B did NOT fall below the SC (Selling Climax) in Phase A.

評論: Some might go to the Daily (1440m) TF and say the current Accumulation Schematic should be in this manner; where we are currently coming down from an AR in Phase B to a TEST in Phase B.

I do not agree with that analysis as of yet because Wyckoff Schematics should normally be used in a 7-Day TF or higher. I've found that crypto generally runs at a faster pace than stocks. So, I normally prefer to use 4-Day for the Schematic with an occasional 2-Day TF to see more details in the schematic.

It's POSSIBLE the Composite Group moves this along faster by walking through an accumulation schematic much faster in a 2-Day/1-Day scale rather than a 4-Day/2-Day scale.

評論: Have a look at this Price Action IN THE DAILY TF with Wyckoff Accumulation Schematic #2 in this link :



Based on looking back in history in the Daily (1440m) TF, I'm going to go along with this 2nd Schematic I created in the Daily with the GREEN TEXT BUBBLES marking "EVENTS" that have taken place.

評論: Oops...

Forgot to provide the link to scroll down and look to compare Accumulation Schematic #2 with the ETHUSDT chart I created FROM THE PAST in the Daily TF. Here's the link: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method
評論: I change my mind. I'm keeping my FIRST TA... ROFL... My bad...

The main reason is the number of days it took from the peak of the AR in Phase A to the ST in Phase A "before" going up to the AR in Phase B.

So again, MY FIRST TA is more than likely the more accurate one. You caught me THINKING OUT LOUD . ROFL

評論: IF the most recent updates confused anyone, the only thing you should know to probably stop the confusion is the following:

The updates were regarding if we were heading down to a Test in Phase A or a Test in Phase B. I believe we're heading down for a TEST in PHASE A.
評論: 1440m (Daily) TF :



1440m (Daily) TF :

評論: Using the 720m (12h) TF to simply show the current "speculated" Trading Range (TR):



1080m (18h) TF still indicates more downside pressure remains:

評論: If I ever post TWO or more price labels on a chart, it means it could be either or; as is the case here.
評論: ETHUSDT - 180m TF:

評論: An update simply to show we actually did go down to the 0.618 FIB Re-Trace at $721.67.



評論:
評論: POSSIBLE "future" price action depicted with black lines with arrows and POSSIBLE "future" movement of Blue LSMA depicted with Blue Scribble in this 720m (12h) TF:

評論: The REASON I have the Blue LSMA turning back down before going up is because the purple ghost and green lines are approaching exhaustion. The Purple Ghost is already at the 105% level and the green line is currently at 52% level. I would not be surprised to see the Green line begin turning down once it reaches the 60% level based on the current level of the purple ghost. Of course, I could be wrong but time will tell.
評論: Here's a look at the purple ghost in the 360m (6h) TF when it made it up to 114.98% level before exhaustion and the green line began coming down:

評論: Simply an idea of POSSIBLE future movement with ETH in the Daily (1440m) TF:

評論: The reason I have shown the previous run up and it's Black Schematic is to reveal to you the FUTURE price movement (events) may not necessarily flow the way I have shown with black lines and arrows and white text bubbles. AFTER coming up to the $575 range, we may flow sideways with a very slow move upward for quite a while. We will probably have a couple of Tests for Support (Test for Last Point of Supply) before actually Bulling Up.

評論: THINKING OUT LOUD with the black text bubbles:

評論:
This is awesome, please keep it updated as you see us progressing through the different phases!
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Thanks a lot for doing the same on ETHUSD. Really love your work. Cheers.
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@ttt4567,

Sure, you're welcome.

And thanks...
+1 回覆
ttt4567 ProwdClown
@ProwdClown, Very informative updates, thank you a lot. You the king.
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@ttt4567,

You're very welcome.
+1 回覆
ttt4567 ProwdClown
@ProwdClown, I dont know how much you use Moving Averages, but after looking at 21, 50, 100 and 200 MA together I think we might go to your second or third target? The fall looks quite steep.
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@ttt4567,

Agreed. That's what I'm seeing in the 2-Day, 3-Day and 4-Day TF's.
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ttt4567 ProwdClown
@ProwdClown, Updates confused me a little now :D still going down you think, right? estimated 720?
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@ttt4567,

For sure, we're still going down.

The updates were regarding if we were heading down to a Test in Phase A or a Test in Phase B. I believe we're heading down for a TEST in PHASE A.
+1 回覆
THX, perfect chart and true!!
I really like your passion to Wyckoff.
BR
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