Stellar XLM: wait for correction before buying

٥ أغسطس ٢٠١٧

XLM/Stellar is showing a nice uptrend from the bottom.
But I wouldn't buy here as I'm expecting a correction after hitting (3) in the blue target zone.
Short term traders should wait for a pullback to 4 (exact area of bouncing can be determined later) for a next ride to the next blue target zone.
Exact target (5) can be determined once leg 4 has been finished.

Targets are determined with Fibonacci extensions.

Happy trading!

٥ أغسطس ٢٠١٧

ملاحظة

We missed the blue box by 4 sats. Now retracing, lets see where (4) will be placed for a bit more accurate target for leg 5.
My bet is 745sat....but "trade what you see, not what you think"

٦ أغسطس ٢٠١٧

ملاحظة

Retraced to the trendline as expected. Lets see if it can make the upmove to 5.
I adjusted 4+5 a bit as i didn't expect such a fast retrace.
I'm a bit worried about the current pattern on smaller timeframe which might be a bearflag alongside the blue trendline. So I'll give to 2 possibilities as update.

Don't forget: this first 5 legs up are just the first steps in a much bigger move!




Trade what you see, not what you think!

٦ أغسطس ٢٠١٧

ملاحظة

So, 2nd chart it is....
Watch price action at the trendline if it goes further down or up again.
Fibonacci show me possible towards 650 but we'll let the market decide

٦ أغسطس ٢٠١٧

ملاحظة

Price found support and is on its way back up to 5.
Which is just the first target ;-)

Targets calculated with fibonacci extensions.

٧ أغسطس ٢٠١٧

ملاحظة

Stellar surprised me and made a bigger pullback.
lets see if Fibonacci gives some support here

٨ أغسطس ٢٠١٧

ملاحظة

And the downmove continues, although this could be an area for a breakout upwards.

١٠ أغسطس ٢٠١٧

ملاحظة

Expecting this move

١٠ أغسطس ٢٠١٧

ملاحظة

It made exactly the move I expected.
Watch priceaction at the trendline, should bounce and break out but wait for strong green candle

١١ أغسطس ٢٠١٧

ملاحظة

Correction is going deeper..... Updated chart: