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djdhrubs

One positive bit of TA for you. Maybe!

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The weekly chart for XRP.

The sequential system (the numbers at the TOP of the candles) are a measure of exhaustion of a trend. Red numbers mean the price trends down. Green number, up. When you get to a 9 candle, you can expect a 1-4 candle correction to the opposite direction. There are rules that state whether the number progress to 9 or not (essentially to progress, the candle has to close above the one 4 candles before it, in an uptrend. Other way round in a downtrend. If that doesn't happen, you get a colour flip and a new number '1' candle). 

You can see that the all time high coincided, pretty much, with a 9 candle. 

Zooming in, you can see another couple of 9 candles on the weekly chart. The first one held the price steady for a few weeks, the second one lead to a dramatic reversal in September.

Whenever you reach a 9 candle, you then get something called the 'countdown' kicking off. These are the numbers BELOW the candles. This countdown goes up to the number 13. There are rules for this too which I won't bore you with.

However, bottom line is, you get a 9 candle on the sequential, then you start a countdown to 13. 

We have just reached the 13 now, as you can see by 'S13' written at the bottom of this week's candle which has just started.

This means that an absolute point of exhaustion has been reached.

So do we just go up now?

Well. maybe, maybe not. This countdown was kicked off by the 1st '9' candle on the zoomed chart. There is another countdown now running, not yet complete, as a result of the 9 candle we got in September. Plus bitcoin doesn't seem like it's bottomed yet. So we may have to wait a few more weeks for the 2nd countdown to finish.

But anyway, based on the TD indicator, the conditions are there for a bit of a reversal over the next few weeks. 

Apologies if I've confused everyone.

And just to add, Tone Vays usually applies the countdown to the stock markets, not so much to crypto. The sequential (initial phase) bit works very well with crypto.

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Edited by djdhrubs

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Just to lend a bit of weight to the countdown phase working well in crypto, have a look at ETH weekly chart. It topped out on a 9 in the sequential, in combination with a cluster of 13’s in the countdown phase. People on the telegram group I’m in as a result of going to Tone Vays’ workshop actually started shorting it at that stage! 

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4 hours ago, AlibabaGrp said:

You mean to tell me the big billionaire whales wait 9 weeks to make a big decision? 

No. This is simply a measure of exhaustion and can be used on any time frame, be it daily, hourly, monthly or on a 1 minute chart. The higher the time frame the more valid it is but you’ll find that some time frames are very well suited to some coins. You have to hunt around for the time frames where the 9 candle perforned best.

For example, the 12H chart works great with bitcoin and quite a few other coins.4h and 1H too. I’ve had success playing the 5 min chart with Xrp. EOS works well with a 3 day chart.

Daily charts work really well with traditional markets, particularly some stocks like Amazon. 

It could be the 24 h nature of crypto trading that means you have to hunt around for the time frames which suit best. 

However it’s difficult to argue with the accuracy of the weekly chart for xrp and eth, particularly in the 9 candles arresting the trend or even reversing it.

 

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Just to share Jmo3XeGy

XRPUSD price is approaching its support at 0.3195 (61.8% fibonacci extension , 78.6% fibonacci retracement , horizontal overlap support) where a potential bounce might occur pushing price up to our major resistance at 0.3905 (horizontal swing high resistance, 50% fibonacci retracement ). 
Stochastic (89, 5, 3) is approaching its support where we might see a bounce in price. 

That's not mine btw

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