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RE: BTC – Elliott Wave, Price Targets, and Chart Patterns – PLUS: A "FRESH" Chart-Cast VIDEO overview!
Thank you for bringing such value! I think what your doing is a great service to the community, and I also like your idea to include a weekly "big-picture" summary of sorts. I'm not certain about the other technicians, however, when I calibrate price targets they really don't have a set timeline associated with them. I'm certain you'll come up with something that hits the spot just right! Thanks again, brother, I appreciate all that you do!
You right - putting a date to a price is not what I meant (probably not well explained by me). I meant some of the analyst are very short term by looking into 15min chart, other are going with the flow adapting their scenarios more often than others which is sometime difficult to follow than. I guess it should be possible to have a count/prdiction which should be stable (on the right detail level) for around a week. Of course there might be certain soecial event which makes it necessary to update im between but with 1 or 2 (max 3) updates you should be good. Also giving targets with a probability would be great (@ew-and-patterns is doing that from time to time). So overall this means exposure because you can be wrong but that is what is most helpful for the community I think.
I hear you, man. Makes sense! Yes, the probability factor that @ew-and-patterns occasionally provides can be helpful for sure, however, I wonder how exactly he is calculating/quantifying such probabilities.
What I prefer to do instead, insofar as price targets are concerned, is to put a "failure price" in place that would cancel or negate such a target. That way, folks can calculate their downside risk vs. reward, and where perhaps to set their stop-loss orders. There is no guesswork involved with such an approach, just a bit of simple math is all.
Thanks for clarifying the balance of your thoughts!