RE: Cardano (ADA): Is it Liquidity Immature?
In my opinion all so called chart making/reading never gives you a straight answer upfront. It's only a way to say afterwards you (not@haejin personally, but chartmakers in general) were right afterwards or to keep your mouth shut when wrong.
One says the bottom has been reached, the other one says there still has to come another bottom. When things go up and they don't like it...........it's Wall Street. When things go down and they don't like it.................it's weak hands. When it goes down some more............the sellers are shaken off.
But: As soon as you buy a coin you have changed your status from a buyer to a seller. Once you made a step-up and turn around it became a step down.
Then there is the 5 wave and the 3 wave. If it goes up after the 3th wave then it suddenly became a 3 wave. If it goes down another round then it is a 5 wave. When somehow a 6th wave forms...................you just skip one wave to make it fit into a 5 wave.
By "you" I don't mean Haejin! I just mean "we" in general.
............and please don't judge me for these words after you take a good look at this video: (not to make "fun" of Haejin but to show you how things work)
It's an art as much as it is a science. I think that is what you're trying to get across. But pretty rudimentary TA has benefited me greatly in helping me to pinpoint the bottoms of these dips. Yes, there may be one more lower dip in the future, but if there isn't then I bought at the most ideal times. Same was true for the last two dips. I bought at $7540 and it immediately started climbing. Whether or not another lower low was due was still up in the air. But at least I bought in right before the market turned, thanks to the skills that haejin is helping me cultivate. Then the next lower low happened. I didn't panic or try to sell to re-buy. I rounded up some more dry powder then bought at $6250, just before the bottom came at $5900. There may still be one more lower low and whether or not I can muster up any more powder is yet to be seen. But I've put myself in an extremely advantageous position thanks to very simple TA, a skill I've managed to cultivate through watching a master at work.
I sincerely hope you open your eyes to the true value of TA. It is not what you wish it to be. It is not a crystal ball. But it does help traders to find a signal among all the noise.
You are right with your statement to look at charts. I do so too. But in my opinion it's always a "gamble" afterwards if your choices were right. It does look you made the right choices so far. But see how you make a statement: "There may still be one more lower low......."
What gives you the signal it will be the final lower low? Time just have to tell you if your buy in at $ 7.540,-- was the right desision doesn't it?
I checked three wedges on @haejin charts and this is what I found:
30-1-2018 a wedge is shown that reached $ 7.748,--
7-1-2018 a wedge is shown that reached $ 5.500,--
13 hours ago a wedge is shown that reached $ 3.857,--
(talking BTC as you know)
Since a wedge is formed from signals out of december 2017..............how can it give us these 3 massive differences within only 7 days?
Then there still is this statement left that BTC has to go up after it reached it final step into the wedge. But.................we did see coins just drop down after they reached their final place into a wedge. Who says there isn't coming a massive drop after BTC has finaly reached the end of his wedge? (a wedge that doesn't really exist if you change figures within 7 days!)
As you do, I still believe in charts and I still believe in ladder in.............but a chart can never close the discusion if something is going up or down. Especially not when you relay your wedges time after time after time to make them fit.
In the same video where @haejin first identified this a,b,c,d,e correction he made it clear he thought $6,000 or lower was possible. At the time he didn't think it was very likely but he still advised that buy ladders in that zone were reasonable. I don't remember him making any hard calls about BTC prior to that during this correction.
He seems to redraw his patterns from scratch in many videos. And since TA is best when it's done with the most current information, resistance lines can move from day to day as a pattern expands slightly beyond its initial trajectory. As the currency moves closer toward the bottom in both price and time it becomes easier to pinpoint its destination. This is why TA changes from day to day. None of the changes you mentioned should have caused you to make any bad buys or sales, even if you were acting impulsively.
When a pattern like a triangle or even a wedge completes, there is no guarantee that a price will head in one direction or another. But identifying these patterns allows us to lean on an understanding of the propensity of price movement so that we are right more often than we are wrong. What more can you really ask for?
Excellent comment my friend. You very much echo my own sentiment. 100% upvoted.