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Tradewithwayneyia

ETH Merge and its AftermathWhat is the Ethereum Merge and why? The Ethereum Merge is the most significant upgrade for the Ethereum Network migrating its consensus algorithm from Proof-of-Work (PoW) to Proof-of-Stake (PoS). It is achieved by running a parallel chain called the Beacon Chain on 1st December 2020, underwent more than 1.5years of extensive testing and bug bounties before merging the Beacon Chain to the Ethereum Mainnet (the ETH we hold and use now). The Beacon Chain is the consensus layer which replaces the existing layer of PoW and the execution layer of Ethereum (Mainnet), along with all its previous transaction records remain unchanged. Under the PoS consensus algorithm, Ethereum will be: 1) More accessible – Anyone can access the network and become a validator node as compared to owning expensive hardware for mining operations under PoW. 2) More scalable – Faster transaction speed, reduced gas fees and upgrades that are not possible under PoW to encourage more adoptions on Decentralised Applications (Dapps) and Decentralised Finance (DEFI). 3) More secure – Increased accessibility and participation makes the network more secure and more decentralized which mitigate the issue of 51% attack on the network that PoW is susceptible to. 4) More sustainable – PoW consumes a great amount of energy and is not sustainable for our environment. PoS is a more energy efficient way to validate transactions and produce blocks on the Ethereum blockchain. Observations after the Merge The Merge upgrade is successfully completed and 2 week after it, I found some interesting observations: 1) ETHW, which is the forked version of the pre-Merge ETH starts to trade actively on major exchanges such as Binance, FTX 2) ETH, ETC and ETHW lost value sharply right after the Merge for 3-4 days straight 3) ETHW moved move violently than the other 2 ETH counterparts 4) At the time of writing, ETH has dropped about 14%, ETC 27% and ETHW 44% You might ask, shouldn't an upgrade makes ETH better, and hence the price should increase? I have some hypothesis myself to explain the price action. ETH is the first blockchain protocol after Bitcoin that enables Smart Contracts. Being the first mover, it gained significant market share and has a large pool of developers / communities working on ETH's ecosystem before other PoS layer 1 projects such as and not limiting to TRX, ADA, NEO, ALGO, XTZ and BNB came into the market to offer comparable blockchain solutions that are faster, cheaper and more scalable. ETH's dominance was affected but not threatened because fundamentally, the consensus layer of ETH is different from the others as ETH relied on miners to validate transactions, which many argued is more secure and decentralized. The closest thing to ETH is ETC, which is a previous version of ETH after a forked that took place in 2016 and ETC made little changes since. However, after the Merge, PoW changed to PoS which in turn changed the very fundamental basis of valuation for ETH - Real world resources such as electricity, mining rigs, manpower, rental and operation cost. ETHW, which was given to ETH holders at a rate of 1:1 also saw large selling pressure after the Merge. Think about it, you have 10 ETH and now you are given 10 free ETHW, coupled with an vibrate marketplace created by existing Exchanges, most people will choose to sell their ETHW because it comes at zero cost for them. This Godsend freebies and also the lack of buyers in the market could explain why price of ETHW dropped notably steeper than ETH and ETC. Moving Forward It is evident to say that ETH miners did not stop their operations and wind down their businesses because of the Merge, it is just not economically sound because the infrastructures are already in place, switching to mine either ETC or ETHW will make more business sense as long as mining remains profitable. As for ETH, their long term roadmap seemed unchanged and carried out as planned. Next upgrade will be the introduction of Sharding and this will greatly increase the Transaction Per Second (TPS), making ETH more scalable. For further reading about this ETH roadmap, you can go to their Ethereum official page. Closing Thoughts.. Overall, I think the switch from PoW to PoS is a sound move as it is in line with ETH's vision of becoming the world's super computer and requires higher scalability. On the short term, I am bearish on the price of ETH until the world is ready to transit and embrace blockchain technology on a wider scale. There are many projects that are direct competitors of ETH and they started off on the PoS route at the very beginning and had went through many improvements and upgrades. Their community validator node bases are also stable and mature, they can seriously contend with ETH. ETHW has dropped much more than ETH and ETC, it could be a leading indication that ETH and ETC still has room of price correction, or ETHW is lagging behind the two after a serious selloff of the free airdrops and looking at a sharp price rebound, which I think the former is a more likely scenario.
by TradeWithWayneYia
Bitcoin short term correction before the next pump? To begin, sorry for not updating my post for so long. I am still active trading just that have little time to share my analysis with the community. Please pardon me and feel free to drop me a message if you like to discuss anything. My outlook for BTC is still bullish, in fact I took some profits this month and waiting to re-enter my positions. On the technical side, BTC has broken H1 EMA and yesterday H4 EMA. However when i look at bigger time frame, trend for BTC is still up. Fundamentally, BTC followers know that halving is round the corner happening around May 2020, and increased crypto adoption and developments happening daily all across the globe. Current price levels, we are at an area of support boxed up in my chart, for more aggressive players, you might want to buy some here. Next buy level is lower where it coincides with a Bullish Bat Pattern to buy at about $8,500, strangely this level also coincides with the Daily time frame 200EMA :) In summary, i am short term bearish of BTC but long term bullish. Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
COINBASE:BTCUSD
by TradeWithWayneYia
BTCUSD - Price that I love to load my holdings of BTCBTCUSD had a lovely pump couple of days ago, fueled by the awesome new from China's Govt that we should all "Seize The Opportunity" to get Bitcoin. It is rare for the Chinese Top Official to issue such a bold and clear statement to the public. Fundamentals for Bitcoin is solid with Halving just about half a year from now, things are getting exciting ;p Being a strong believer of Bitcoin and Cryptocurrency, let me share my humble analysis with the TradingView community on BTC. To start off, I bought some BTC at 7500 as that area shows strong buy interest. Big time frame at that time still looks like a downtrend and I am still hopeful to get more BTC at lower price. However, nobody expect the news from China (unless you know somebody which gives you the juicy insider tips.. heh), at least I am in and taken a nice position. Now, to my charts. I have marked out the start of the move to be at 7550 region and also the consolidation area where BTC is likely going to base before making the next move. If it goes up and make new high, I am sure to say trend has change from down to UP and it will likely be parabolic run up to 14k easily. However, if it comes down, we have a good chance for the Bullish Bat to complete, coincidentally at my preferred buy area. Things we can do now: 1) Play the base or consolidation bounce, however I will prefer to do only the longs and not short, I just cant bear to part with my precious BTC :) 2) Be patience and wait for market to show her hand, if it comes down, long it at proposed levels! If it breaks up, buy each pull backs to trade with the trend. Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
COINBASE:BTCUSD
by TradeWithWayneYia
3
H4 AUDUSD Short Term Shorting OpportunityLong term analysis for AUDUSD is Uptrend in general. However there are always opportunities to go LONG and SHORT based on different time frame considerations. Found a nice Bearish Bat on H4 on this pair and it is completing soon at Point D (0.68690). Different approach to this trade (Stop loss as required): 1) Short at Point D but note that there are basing action prior to D completion. Aim for TP1 full exit or partial exit and set SL to breakeven to protect the position. Full exit at TP2. 2) Let the pattern complete at D, look for bearish candle and sell the pull back. 3) Do nothing and let the price play out since this Bat formation may fail which create a buy opportunity (a strategy that I had personally tested out numerous times) Ultimately I am looking to buy at the area if Price gets there... so shorting it down is just an alternative for traders who are looking for more trade opportunities. Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Short
by TradeWithWayneYia
XAUUSD (Gold) Trade Setup - Long Term ShortCould'nt share this Trade setup earlier as I had a really busy week, I am currently riding the short. Big Time Frame Analysis (Daily - Weekly): Price hit major Supply at 1500 region and shows many indication of reversal patterns. We might really hit gold here since its the start of the downtrend. Trading Time Frame Analysis (M15 - H1 - H4: Head and Shoulders completed. Bullish Bat completion at 1420 region. More Sell Zones are formed as price ease from 1500. Possible Trade Setups: 1) Get on the Short on pull backs. Potential profit taking to hit at least 1420, good ROI 2) Wait for price to reach the Bullish Bat Completion at D and enter Longs, aim for small profit. Why small profits? Always refer back to the BIG PICTURE! This is what it means by Trade with the TREND. 3) Both Long and Short setups for more advance traders who can switch buying and selling intention just like that. Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
FX_IDC:XAUUSDShort
by TradeWithWayneYia
4
ETHUSD Possible Short OpportunityBearish Bat Pattern on the H4 As Harmonics Pattern mostly seemed like counter-trend trading with Completion Point D (the place you enter your trade order), a price stretched from Point C, where after passing Point B some traders may have the impression that a change in trend is underway. How I like to determine trend is based on a higher time frame than the one I am trading on. In this example, I am placing my order on the H4 and this time frame gives me a nice looking Bat Pattern (visually the pattern does look skewed), therefore I consider trend using the the H12 or daily, sometimes I go even higher just to see the "Big Picture" that most people will miss because they are so fixated at the time frame they are trading at. It is important to go to various time frame so you know exactly where the trend is that will help you with managing your trade after entry. It is common to see traders getting solid entries but not sure what to do after that, not knowing how to exit the trade for profits or for loss. I also look for trade that satisfy at least 3 of my strategies/methods to enhance the odds of the trade working out. Be very picky with your trades and dont fall victim into FOMO. Remember, skills and knowledge only accounts for 40%, the other 60% depends on your psychology and emotions. Trade Setup: Entry - Within the Sell Area (at Point D if you are more conservative) SL - 206.5 TP1 - before 192 TP2 - before 184 TP3 - before 172 Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
COINBASE:ETHUSDShort
by TradeWithWayneYia
4
H1 GBPAUD Bearish Bat Higher Time Frame - Downtrend. Daily Uptrend Channel broken. Bearish Bat Setup and trading with the overall trend, good risk to reward ratio. Entry: 1.7942 SL: 1.8019 TP1: 1.7792 Extended TP to 1.7691 if TP1 cleared. Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Short
by TradeWithWayneYia
H1 USDJPY Possible BreakoutI have identified the areas of buy and sell. Price moves from supply to demand and demand to supply, price is now in the middle of the two areas and forms an Ascending Triangle. Riding with the uptrend that was just established, I am in favor to long this pair all the way up to the Sell Area 109.13-109.40. For those who are more aggressive, you can flip your trade at the Sell Area to close your Longs and take a Short position from there, knowing that you are trading against the trend, do look for small targets and not hold the trade for too long. Possible Trade Plan: Entry: Now (108.35) SL: 108.01 TP1: 108.80 TP2: 109.09 Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Long
by TradeWithWayneYia
H1 AUDJPY Quick Buy - Butterfly + Demand Zone + RetestHi all, sorry that I haven been inactive in posting my trades for awhile. Was settling in my new job position and actively trading the cryptocurrency market using the firm's funds. Since it is a 24/7 market unlike Forex, it is really taking up a lot of my time. Like to take this opportunity to apologize to my followers and other members of the TradingView community. Here's something straight forward that I spotted this morning - buy setup for the AUDJPY pair Entry: 74.97-75.10 SL: 74.82 TP1: 75.39 TP2: 75.59 Do like and share this post. I use a combination of trading strategies such as Supply & Demand (SND), Harmonics Patterns, Multiple Time Frame Analysis, Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Long
by TradeWithWayneYia
BTCUSD - Trend reversal signal just by 3 candlesticks!This short segment is on candlestick and multiple time frame analysis. As a trader or trader wannabe, this is an important lesson that goes a long way. Trust me, it may sound simple but it actually took me a long time to grasp the full concept and then apply it in my trading. This is BTC on the weekly time frame, if you are scalping the market or even just day trading, you don't really need to take reference with this time frame. Large time frame such as Weekly and Monthly are mainly used for position trading and intraday movement don't really affect this type of trading. What confuses me at the beginning was the expectation as to when price movement will occur. Has it even happen to you somebody tells you that you are trading on the wrong time frame? So back to BTC, which enjoy such a good bull run from April to end May, a series of long green bullish candles. On 27 May close, we see a small skinny candle, yes traders should know this is called a Doji candle. What this tells me is the sellers are coming in and buyers are being challenged. One way of intepreting the psychology of those traders that bought BTC at say $5000: "Come on, price is already so high! Shouldnt we be thinking of taking profit already?" Hence, a Doji is an indication of indecision in the market and there is no clear direction. Let's look at the next candle that closed on 3 June, a convincing Bearish Red Candle. Not only is this candle long, it also has no upper tail and look where it closes, covering the whole Doji candle. This is a clear signal that the Bears won and the "Big Picture" (Weekly Time frame) uptrend has ended. Having said that, do I just go in blindly and short BTC? Of course not, there are much to it in trading and alot depends on your trade portfolio and objectives. I am ready for the next move, have you plan out yours? :) Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
BITMEX:BTCUSD.P
by TradeWithWayneYia
TRXBTC Bearish Bat Pattern Quick TradeTron reached big time frame demand level and looks like a reversal is underway. I am bullish Tron in the long run, however found this quick short based on Bearish Bat pattern. Take note this trade is counter-trend, with BTC breaking new highs every other day, at least a slight correction on the bitcoin is highly likely to give TRXBTC that upward move. Proceed with cautious and do not hesitate to cut profit/loss early if uncomfortable. Entry: 367 SL: 378 TP1: 344 TP2: 330 Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Short
by TradeWithWayneYia
Bitcoin Next Stop after a bull runAfter taking out a few levels of Supply between 5200-5700, Bitcoin price came to a haul at around the 5800 region and started to consolidate. On larger timeframe it does look like a bull flag, if it does plays out, I see price going higher to challenge the next quality Supply level at 6000+ which the round number also stands for a mental barrier for buyers. On the hindsight, I am more bearish for Bitcoin to drop and properly test 5500 level one more round before breaking lower. On the hourly chart, a rising wedge is formed with RSI on both overbought and divergence. Taking into all the evidences gathered: - Exhaustion on the buyers after continuous rally for 4-5days - Extremely overbought on the RSI (hit 95/100 on the indicator!) - RSI Divergence - Rising Wedge Market either goes up or goes down, I am more geared towards being a seller at this point as I see more profit potential on the downside compared to the upside. Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
COINBASE:BTCUSD
by TradeWithWayneYia
TRXBTC - Falling wedge and Bullish Bat PatternFound this potential Long setup - Falling wedge developing now and slightly lower is my Daily Bullish Bat Pattern coupled with my Demand Zone . Wait for price to show, if it breaks out from the wedge , looking to buy the pull back since RSI already showing oversold and divergence. If price goes lower, look to buy after bat completion at PRZ and near 61.8 retracement. I see potential profit on the upside. Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Long
by TradeWithWayneYia
USDJPY H4 Bearish Bat Completion at Sell ZoneFound this Bat completing at my Sell Zone and also previous Resistance Line. Usually I am the "Set & Forget" type of trader, however for this trade I am taking a more conservative approach due: 1) I am looking to short, which is against the uptrend it is having now after the flash crash. 2) Many traders will be looking to sell here since it is a resistance level. I am cautious of a Bull Trap. 3) I am not convince if RSI cant show me Overbought. To look out for the standard reversal candle formations and possibly a deep entry into the zone, lets see how this plays out, I have set an alert to notify me when price is near my zones. I highly recommend traders to make use of this function to reduce your screen time and engage in more meaningful activities in your lives. End of the day we trade to free up time for our other priorities in life isn't it? Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Short
by TradeWithWayneYia
BTCUSD H1 Sell Zone Gartley CompletionBearish Gartley completing within my Supply Zone for the BTCUSD. It coincides with 4000 psychological level and also completes AB=CD. Have many reasons to take this level for a shorting opportunities. For added confirmation, can look for RSI Overbought and reversal candles. SL: 4018 TP1: 3975 Tp2: 3939 Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
COINBASE:BTCUSDShort
by TradeWithWayneYia
AUDUSD H4 Bearish Bat & Gartley OverlapSometimes, you will be able to find two or more Harmonics Patterns pointing about the same D completion point, if you know their parameters and where to look. I have specific rules to qualify these patterns. Looking for a shorting opportunity at price level 0.7243 and place stop loss beyond point X. Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Short
by TradeWithWayneYia
USDCAD H1 Retest Butterfly Level, To Short the Wedge breakdown??Some of you might be following my analysis on the USDCAD pair and just got stopped out from the last H4 Bearish Bat. However I am still very bearish for this pair on the long term. In a few hours time we have some major news release on the CAD - Trade Balance, Interest Rate and Oil Inventories, which has major impact on this pair. Two outcome I am expecting: 1. USDCAD broke all my Supply and Resistance levels and hit my Stop loss for my 2 months' long position trade and I exit with a small profit. 2. Price tumbles down further and challenge the 1.31-1.32 region again. I am in favor of the 2nd outcome due to the fact that USDCAD appreciated close to 250pips over 2days and it is unlikely to continue moving up, at the very least a pullback before going higher. Let's say I am right on this, I will be looking to add on my short positions and take partial profits and let the rest aim for longer targets. Price is now resisted at my Supply Level, Resistance Level and early Butterfly Pattern short level, at the same time it formed a Wedge on the way up. To wait for the break downwards and enter sell order on the 0.618 pullback. The empty space in the red circle shows where price is likely to go after a rapid upward move. Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Short
by TradeWithWayneYia
USDCAD H4 Bearish Bat Pattern Another clean setup on the USDCAD pair. This time we have the Bearish Bat Pattern completing at 1.3318 price level, which I am interested to add on to my existing long term position short. Entry price: 1.3318 SL: 30pips above Point X TP1 and TP2 as shown on chart Extended targets at the completion of the Bullish Bat Pattern. Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Short
by TradeWithWayneYia