Plan To Shift Into Leveraged Eth Before April Bull Market
Ethbtc just completed 5 distinctive waves and is now printing a weakening pattern of wicky doji bars which suggests impending reversal south.
I am extremely interested in this chart because my main long term trading plan is to shift my 1x btc and eth holdings into 3x leveraged ethbull tokens.
I don't know what pattern this correction will be so I am assuming it to have a choppy wxyxz pattern.
The ethbtc impulse lasted 7 weeks, so if you assume that the correction will also take 7 weeks then it gives a bottoming date at March 20.
Last year we saw a huge run up starting April 2, this somewhat coincides with the March 20 date.
My plan is to allow ethbtc to dump out as much as possible then begin dollar cost averaging until March 20. I do not intend to get the best price but want a reasonable average fill.
I will wait until the first green day then use that as my starting point, divide the number of remaining days until March 20 and then scale in evenly across each day until I am 100% in ethbull.
I strongly feel this is a pivotal point and that how I treat this opportunity could be the most important decision I make for the next 5 or so years. Eth could do some incredible things and getting into a position where I can ride out all choppiness all the way to the other end of the major bull cycle could be one of the best trades I ever make.
I am not so interested in shorter time frames and am spending my focus researching longer macro cycles in order to prepare my mindset to stay with this trade until the logical conclusion and then have the discipline to take profit without overstaying my welcome.
The 6 month cycle might produce a sell signal in june/july but I would actually like to be able to hold through that at least until December. I will be posting future charts on what I find regarding trading these longer cycles.
I am extremely interested in this chart because my main long term trading plan is to shift my 1x btc and eth holdings into 3x leveraged ethbull tokens.
I don't know what pattern this correction will be so I am assuming it to have a choppy wxyxz pattern.
The ethbtc impulse lasted 7 weeks, so if you assume that the correction will also take 7 weeks then it gives a bottoming date at March 20.
Last year we saw a huge run up starting April 2, this somewhat coincides with the March 20 date.
My plan is to allow ethbtc to dump out as much as possible then begin dollar cost averaging until March 20. I do not intend to get the best price but want a reasonable average fill.
I will wait until the first green day then use that as my starting point, divide the number of remaining days until March 20 and then scale in evenly across each day until I am 100% in ethbull.
I strongly feel this is a pivotal point and that how I treat this opportunity could be the most important decision I make for the next 5 or so years. Eth could do some incredible things and getting into a position where I can ride out all choppiness all the way to the other end of the major bull cycle could be one of the best trades I ever make.
I am not so interested in shorter time frames and am spending my focus researching longer macro cycles in order to prepare my mindset to stay with this trade until the logical conclusion and then have the discipline to take profit without overstaying my welcome.
The 6 month cycle might produce a sell signal in june/july but I would actually like to be able to hold through that at least until December. I will be posting future charts on what I find regarding trading these longer cycles.
Note
Looking like today actually will be a green day so I am starting the dollar cost averaging now. It hurts a little to buy at these high prices but it will be spread out over such a long time that but the time it's over I'll probably be hurting that I didn't buy more sooner.Note
Well price continues to shoot up, I should be happy about it since I am quite long on it but it makes me feel like I'm chasing price even though I'm only buying a tiny bit at a time, it will take me 38 more trades to scale in. I had tried to buy near the bottom of the day but it kept avoiding my limit order so I eventually just bought it at market. I'm not sure if this style of trading is good or bad for my psychology since if it had been a day trade I definitely would have just let it go. This is a very strange feeling of being happy and annoyed.Note
Well I'm already up about 10% on my initial scale and it actually makes me stressed since it means tomorrow I know I'll probably be paying at least the same high price for the next scale in. I would have been more comfortable if it had dumped after I bought it.Note
So today I wake up and ethbull is 40% more expensive than yesteday, I should be happy but holy smokes it really just feels like buying at the top. I am just scaling in on it anyway as planned...
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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.
Related publications
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.