Stellar XLM: wait for correction before buying

5 Ağu 2017

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!

5 Ağu 2017

Not

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"

6 Ağu 2017

Not

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!

6 Ağu 2017

Not

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

6 Ağu 2017

Not

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

Targets calculated with fibonacci extensions.

7 Ağu 2017

Not

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

8 Ağu 2017

Not

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

10 Ağu 2017

Not

Expecting this move

10 Ağu 2017

Not

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

11 Ağu 2017

Not

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