He is only right once in five attempts. You would make more money tossing a coin. His chosen method of technical analysis (Elliot Waves) is very subjective. You can easily find five traders using Elliot Waves on the same chart and same time frame and they count the waves in totally different ways. What's worse is that each trader will believe that his wave count is correct. I have nothing against Mnadii and I actually think he means well with his posts. However, I wonder whether he trades his own money professionally because his bad calls are too many due to over-reliance on a subjective method.

To Mnadii...Elliot Waves are a voodoo science. The fact that three professional traders using the same chart on the same time frame can count the waves differently means that your method is largely unreliable. Peace.

I have noticed that you are very much against us technical wazuans. Its understandable when you have a shallow well of knowledge to draw from. And your type never learns - you are only wasting precious time for the very few who are seeking true knowledge here. I know these comments will not stop you busting forth in even more verbal (written?) diarrhoea but I am certain the smart ones will ignore you and continue their journey of knowledge. After all ever market place has a mad man.

I am not against technical analysis. I actually use it when trading. I also don't understand why you are butthurt. I simply exposed how your chosen approach (Elliot Waves) is extremely unreliable and gave solid evidence e.g you and Alessio Rastani used Elliot Waves on the same chart and arrived at different wave counts. Obviously, you don't like constructive criticism even when confronted with solid evidence. Calling me "shallow" because of pointing out an obvious flaw in your approach won't stop you from making bad calls on the regular. From where I am standing, you are the one who isn't willing to learn. Don't shoot the messenger. Adapt and learn.

Heads Up On Bitcoin. An alternate wave count.



The recent Bitcoin peak at $11,900 could be the completion of wave (1) from the $3791 low. If so then we should expect a much deeper wave (2) retracement below $10,000. A significantly lower OPEN on Monday 10th August would suggest this is the case.
NB> The wave labels as depicted here is our working possibility which suggests Bitcoin is immediately bullish.
The OPEN will help us eliminate one count.