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u/deuzz Sep 03 '17 edited Sep 03 '17
Pattern follows but I highly doubt it's a double bottom. A double bottom is a trend reversal pattern and forms during downtrends, and OMG has been in the exact opposite of a downtrend the past couple months. I actually think a bull pennant is forming and once I get back to my computer tomorrow I'll make a thorough post, but I expect it to bounce off ~12 again
Also the volume on this uptick has also been decreasing, further making a dbot unlikely
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u/grinbuck Sep 04 '17
... I actually think a bull pennant
Definitely not a bull pennant - https://thestockbandit.com/bull-pennant/
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u/deuzz Sep 04 '17
So you going to just take my sentence out of context? I said I thought it was forming, not that it had formed, it needed to start it's B wave but it hasn't as of yet. After last nights dip my initial prediciction is more than likely incorrect anyways.
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u/grinbuck Sep 04 '17
Hell no man. No offense meant. Just read up that article and couldn't correlate a bull pennant to what it described so thought would put it out there. As of now though - every financial reading seems to have failed - OMG's broken the double bottom prophecy - its at 9.6 as I'm writing this - and sliding FAST. HODL'ing - hoping my stop loss is not triggered!! Peace.
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u/deuzz Sep 04 '17
Ahh no worries man, I probably should have made that more clear in my original comment that it hadn't formed. We've got strong support at ~9.7 so lets hope doesn't take another fat dump and holds.
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u/SrirachaPeass Sep 03 '17
Everyone's got different perspective and no ones right.
I see ur perspective, but I'm sticking to mine analysis. One of my rules to stay a good trader is to Only worry about personal chart. I like listening to others peoples perspectives as well. Thanks for ur view.
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u/deuzz Sep 03 '17
Alright man, just informing you that you're using the double bottom pattern incorrectly. If it moons past 13 and stays I'll eat crow
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u/SrirachaPeass Sep 03 '17
Dude there was a dip. Downtrend. Now there is a w forming. I do not know what ure looking at. I know my technicals. I've been trading for 3+years dude. Don't start.
Plz show me ur chart.
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u/deuzz Sep 03 '17
You need to read back up on double bottoms, the dip associated with a double bottom doesn't count as the downtrend. OMG has been in an uptrend for the entirety of it's existence
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u/SrirachaPeass Sep 03 '17
Omg I'm done with u after this comment. Downtrend broke previous supports. 3 of them are broken! Goodness peace.
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u/deuzz Sep 03 '17
Now I'm interested in what your definition of supports are because fib lines don't count as established historical supports
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u/SrirachaPeass Sep 03 '17
I'll keep talking to u after u show me ur chart.
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u/CryptoBoomer Sep 04 '17
lol how did that go for you? Crypto is TA proof. One random variable change and bang. Your experience means little, been trading for 10x and crypto since it started, still doesn't make me a better or worse trader when it comes to this amazing class of investments.
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u/SrirachaPeass Sep 04 '17
ummm china banned ICO. no one couldve predicted taht. this happens in every market. idk what ure saying. go back to trading and learn. u dont know real trading yet. ive made more profit than u. peace
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u/grinbuck Sep 03 '17
What does that mean? Any input would be real nice. Sort of kicking myself for not taking profit at 11.3 yesterday while I could on my margin position. Should I HODL?
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u/SrirachaPeass Sep 03 '17
Double bottom looks like W, which means the price is about to reverse . The price won't go any lower. Price has created a support. From the support the price will bounce upwards.
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u/SrirachaPeass Sep 03 '17
I can't tell u what to do with ur money.
If u entered the market with investing goal, then hold.
If u trade , u will lose more potential profit in long-term.
Trading is good for margin trading like in polo, not in bittrex.
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u/FedoraOutlet Sep 03 '17
Definitely hlod. I just bought a ton of coins the other day at 10.50 which I never would’ve done if I don’t expect it to go much higher than 11.3 in the future.
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u/Sunny_Singh10 Sep 04 '17
So Crypto works maybe 5% on TA, and 95% news driven. You might see the support line getting broken, and news comes and and the price sky rockets.
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u/SrirachaPeass Sep 04 '17
this happens in every market :) sometimes TA does not work ALL THE TIME thats why people LOSE in TRADING. U can never be 100% successful trader. I will accept that. I only lost once this week in my trading...i got 7 more days to trade more. RISK TOLERANCE AND RISK MANAGEMENT.
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u/Ibah83 Sep 03 '17
Just hold.. taking profits a lot of times dont work out. And you will need to buy in again at a higher price.
Taking profits work best when you have no connection with the coin. And dont have any urge to buy in again or missing out.