Why I am closed ETHBTC Short? What about long position?
When ETHBTC formed lower maximums it was the right signal to open the short. My strategy analyzes not just this data, but it's also very important.
Today we closed our short position in profit of around 15% in BTC and BTC gave us an extra 7-9% for USD. But I hold BTC on the spot market now. So, I think that ETHBTC can go lower to test good support around 0.028600, but we need to take into consideration risks. I will be not surprised if ETH will change direction and break out resistance near 0.033 now. We don't know!
The current situation does not look good for a long position, but opening or holding the short position for this pair is very dangerous now. My strategy says, that right now a good situation to try to find an entry for a long position.
Let's do that!
We will try to open long positions in this type of situation:
1) If 1D candle close above 0.032292 - hight risk
2) If 1D candle close above 0.033858 - average risk
3) If 1D candle close above 0.036303 - low risk
The best situation will be when the BTC 1D candle will close above $13800. So if ETH will close above for example 0.032292 and at this moment BTC will break out 13800-13900, this is the best scenario.
I think that ETH on the uptrend now and it will be growing faster than BTC . But we also need to follow fundamental parameters (network metrics).
If ETHBTC candle 4H or 1D+ close below 0.028600, it will be a good signal for short! The next stop can be 0.026040 which is 10-11% of the profit. But we need to follow the false breakdown.
So, I am waiting right now and when the right situation will be on the chart I will open long or short. I will make a post here. Just follow me and be on the right side;)
P.S As you know most of the time, traders are waiting for the great situation and best result you can receive if you are integrate trading and investment approach.
Today we closed our short position in profit of around 15% in BTC and BTC gave us an extra 7-9% for USD. But I hold BTC on the spot market now. So, I think that ETHBTC can go lower to test good support around 0.028600, but we need to take into consideration risks. I will be not surprised if ETH will change direction and break out resistance near 0.033 now. We don't know!
The current situation does not look good for a long position, but opening or holding the short position for this pair is very dangerous now. My strategy says, that right now a good situation to try to find an entry for a long position.
Let's do that!
We will try to open long positions in this type of situation:
1) If 1D candle close above 0.032292 - hight risk
2) If 1D candle close above 0.033858 - average risk
3) If 1D candle close above 0.036303 - low risk
The best situation will be when the BTC 1D candle will close above $13800. So if ETH will close above for example 0.032292 and at this moment BTC will break out 13800-13900, this is the best scenario.
I think that ETH on the uptrend now and it will be growing faster than BTC . But we also need to follow fundamental parameters (network metrics).
If ETHBTC candle 4H or 1D+ close below 0.028600, it will be a good signal for short! The next stop can be 0.026040 which is 10-11% of the profit. But we need to follow the false breakdown.
So, I am waiting right now and when the right situation will be on the chart I will open long or short. I will make a post here. Just follow me and be on the right side;)
P.S As you know most of the time, traders are waiting for the great situation and best result you can receive if you are integrate trading and investment approach.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.