I thought I'd give you guys a quick update on my position on KMD. It's one of my favourite projects and has a serious use case once we go mainstream.
But, I'm a TA guy, so I talk about chart analysis :) Here's what I'm seeing:
To the naked eye, that looks like a seriously long bullflag consolidation.
From my Elliott wave analysis, I can count each wave perfectly until we get to our current wave. I believe we are in the C corrective wave. This is an impulsive wave (down) that will have 5 subwaves (12345).
Because I am not able to count a full 5 wave count, I'm going to assume we are yet to finish the wave, which actually doesn't take any fancy TA, you can clearly see we have had 2 legit touches on support, with a wick on another candle. To me this isn't support until we get another legit touch.
What does this mean for me as a trader?
Well, I'm looking to add to my position around the bottom of the C wave. I'll check indicators to see if we're seeing any divergence on multiple charts, any signals to suggest people are buying like volume spikes or reversal candlestick patterns. Once I have confirmed we're reversing, I set a sell target around where I think the 1st wave will end, before setting a buy target for when the 1st wave corrects.
This is what I call 'wave riding' haha. I should have called myself 'The Wave Rider' :D
Looking further into the future, in regards to KMD, we are going to see some serious price action soon. It's just a matter of time :) If the C wave doesn't fall below the bottom of the A wave correction (around 0.000448), then I'm going to recalibrate because this is most likely a continuation of the A wave, and so will need to plan my trades around that.
I hope that quick analysis helps you guys with your trading strategy. I want to give you an insight into what I do daily in my job as a full time trader, but also give you the necessary information on how to be confident in your trades.
My goal is to help facilitate wealth for everyone in this space :)
Peace out!
- B