s Supply, Demand and PA thread

[franl2]

More gold backed cryptos. There are a fair few of these popping up with launches in the new year.

Http://www.goldscape.net/gold-blog/g...ryptocurrency/

https://onegram.org/whitepaper/

Every OneGram transaction generates a 1% transaction fee, up to a maximum of 1 OGC. Unlike other cryptocurrencies, in OneGram, 70% of the fee is reinvested to buy more gold and boost the amount of gold that encircle each token. As transaction volume increases, more gold gets added into the vault and most of OneGram owners share in the profit.

Seems like there is likely to be some new investment demand coming to the gold market.

Technically the monthly gold chart shows a breakout and breakout of a 6 year bear market downtrend. Another bullish engulfing candle and this could make a serious move. Each of of the supply levels are consumed on down the road.

[franl2]

Back on subject. A few practice weekend coin scalps (demonion of course). HTF goal would seem to be about $8,000.

[franl2]

The best article I have found on crypto currencies that I'd recommend reading in full.

A great debate that they're a modern day pyramid scheme (by design) that will be made illegal in any stage for a variety of reasons.

At this stage all ISPs and telecom suppliers are forced to block access to the sites /apps and these systems are completed.

Digital 'Currencies' Are ALL A Scam
2017-06-17 08:35 by Karl Denninger
http://market-ticker.org/

https://cryptorum.com/threads/karl-d...ll-a-scam.217/

ALL such digital currencies are by purpose and design a means to separate you from wealth and give it to whoever based said currency. They are therefore all efficiently a pyramid scheme. This will inevitably cause the seizure and closing of all such systems -- if and when authorities figure out it. The reason is simple: Using a finite and ever-more-difficult means of mining each successive coin that the effect on significance for participants is exactly the same as it's in almost any pyramid scheme. Since nothing of physical existence is made or dug from the ground there's absolutely no utility value and thus no floor price, unlike gold or silver (both of which have industrial value due to the metallurgical properties.) The man who invents such a method has to mine several coins at very low price (in power or whatever.) Then he watches the worth of said coins escalate as each one becomes harder to mine and as hype takes over, and may convert that wealth into some other form, whether it be a fiat currency, real property or otherwise.

The creator consistently creates a grossly outsized profit in this fashion using the available profit dropping exponentially and ratably in each and every case simply based on the number of participants. In the beginning recruiting others who also make money is easy because mining the coins is easy. But over time recruiting others becomes harder and harder. This is exactly identical to what happens in a conventional pyramid scheme -- the creator gets a cut all the sales from everybody under him. The following layer who all find the field unmowed with lots of clients make a lot of money too, but consistently less than the first group and so forth. But since the number of clients is finite, as is the number of coins, with each successive layer of participants it gets harder and harder to find other people to transact in sufficient quantity to turn a profit since the acquisition of each new (coin or customer) becomes exponentially more-difficult. It's thus impossible on a mathematical basis for any such layout to be self-sustaining since it depends on a harder action in a finite world. ALL such systems are inherently ponzi schemes whether we are speaking about digital currencies or even the alleged sale of merchandise.

[Vitali0n]

quote Good entry but watch out for early evacuation and goal for over 2:1 RR targets. Seems a few got this one.

Oh master, Thank you for the information. I'll put it to great use.

[franl2]

quote Yeah when Yahoo has three different headlines you know a dip is forthcoming. Still a cool chart though

A couple of the men in my team at work (who have zero fiscal understanding) have been talking about buying it.

I have a sickly feeling that we have not seen the last of the bubble but there's a lot of overbought to operate through.

[miki9424]

quote Oh I was just demoing some weekend scalping with Bitcoin and abandoned a couple of shorts on. Entirely forgot about them but had a strange feeling that there was a leading was coming in the plogical $20k and all of the publicity it getting. Was surprised to see the stop didn't get taken out.

Yeah when Yahoo has three different headlines you know a dip is forthcoming. Still a cool chart though

[franl2]

Took a loss now. I placed a couple of limit order buys before work, last time I really do this.

I realised the uptrend line had busted but fancied a bounce off back this zone to H4 supply.

This loss wouldn't have happened if sat at home trading in the displays. PA was a crying sell when it hit entry.... Plus massive opportunity to pile on the shorts once zone broke.

[franl2]

Hi ! Amazing thread! I read your thread up to 200 pages and you will find queries. Should you utilize H4 to input, then you specify the trend on the Daily and Weekly. How can you decide the zones in which the trend will change management: Does Daily coincide Weekly? Are you looking only at fresh zones or also who have already been tested? Best regards!

Hey, great to see someone ready to set time in to see 200 pages. looks not many people are prepared to even go that far on this site.

As for the question that this is dependent upon your timeframe. I really don't make trading decisions off the weekly but aware of the zones and PA (usually a quick scan every other day).

Not sure I recall what I had been doing at page 200 but nowadays it is low timeframes (H1-M5) for entrance using zones and engulfing PA and D1/H4 is the directional bias.

[zancau]

Hi ! Amazing thread!

I read your thread around 200 pages and you will find queries.
Should you utilize H4 to input, then you define the tendency on the Daily and Weekly. How do you determine the zones in which the tendency will change direction:
Does Daily coincide Weekly? Are you looking just at fresh zones or also that have been tested?

Best regards!

[miki9424]

Anyone tempted? Not seeing any good demand here. . Along with a whopping W1 engulfing candle. Bitcoin loses third of value during week http://www.bbc.co.uk/news/business-42457983 Bitcoin proceeds to give its shareholders an exciting ride. This week, it has dropped by roughly one-third from a record high of just short of $20,000. So far, on Friday alone, it has lost 14 percent of its value, falling to $13,419, according to the Coindesk market website. image

C

did you brief the very best!?