I introduced the concept of "signposts of future price action" that patterns espouse in my first book, "The Trader." This means that patterns can define targets for primary trends as well as serve as countertrend reversal zones. Over the past several months, I outlined the upside target for LTCUSD - 1st 72, then 88, then 133. Now trading @ 150, we have reached ALL OBJECTIVES, as defined by the all-time and smaller which was outlined a few weeks ago! As a trader, I can not ignore my trading plan rules. This is an area where I will take PARTIAL PROFITS NOW and move all stops to 130! Although we have seen parabolic moves, these markets continue to exhibit strength. Regardless, NO ONE EVER WENT BROKE TAKING PROFITS!
GOING FORWARD: With BTCUSD beginning in the next week, I expect the entire crypto market to experience a new level of that will add SELL SIDE LIQUIDITY! Although this does not necessarily result in an immediate decline, it adds a layer of resistance to the price action that will TEMPER THE CRYPTO-MANIA in the short-term. After the enter the picture, the fluctuations will increase and require surgical analysis as buy and holders will be vulnerable to account blowouts.
CONCLUSION: DO NOT GET COMPLACENT! Measure the market and adopt more of a trading mindset! The opportunities in cryptos have not even begun to be realized and there is always PLENTY OF TIME but the easy money train is coming to a close. Make sure you enjoyed at least part of the ride!
I just learned some of harmonic patterns trading and I just draw one myself, shown as follows. I'm not using it much, 'cause I'm not sure whether I've got the key point of harmonic trading or not.
Very pleasure to see your comment of the following chart, I hope I can learn more from you.