Shorting $EOS, simple but effective break out trade
Updated
I haven't really followed the EOS hype but this looks as a shorting opportunity to me.
Made a high a while ago in a 5 legs upcycle and now in an ABC correction. Didn't manage to make a new high in the latest upmove which looks to me as the B leg.
Bearish divergence in that latest upmove (on 240m chart), which is a clear sign it is loosing momentum.
How to trade: wait for a breakout to the downside and the retest (see link below if you're not familiar wiht break out trading).
Once retest fails, you can open short positions and hold to C (determined with Fibonacci Extensions).
If current move up (the B-leg reaches higher, C will also be a bit higher) but I will update if that happens.
Simple but effective set up, just wait for the break down. If it doesn't happen, just move to the next trade.
Happy Trading!
Made a high a while ago in a 5 legs upcycle and now in an ABC correction. Didn't manage to make a new high in the latest upmove which looks to me as the B leg.
Bearish divergence in that latest upmove (on 240m chart), which is a clear sign it is loosing momentum.
How to trade: wait for a breakout to the downside and the retest (see link below if you're not familiar wiht break out trading).
Once retest fails, you can open short positions and hold to C (determined with Fibonacci Extensions).
If current move up (the B-leg reaches higher, C will also be a bit higher) but I will update if that happens.
Simple but effective set up, just wait for the break down. If it doesn't happen, just move to the next trade.
Happy Trading!
Note
This is why you should wait for the retest of the breakout, it went a little below the trendline but immediately bounced Coud go more higher and even make a 5 legs structure before a bigger correction. If so, final target will allso be a bit higher
Trade active
Price broke down and already hit first short term target. Depending on the strenght of alt markets, we might see a bounce from here of just continue to the downside.
A bounce would be good opportunity to add to your shorts.
Note
Bounced on the .5fib level (correction of the whole upmove).Expecting some consolidation or bounce before next move down to at least the .618fib level.
Note
Trade closed yesterday when it didn't break .5 fib level.Watching the bounce to open new shorts
Note
ON track for 2nd target Note
LOL, wrong chart Note
2nd Target reachedNote
Seems to be heading for that final leg down Note
Target reached 
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