Potential Triangle Breakout - Long ETHBTC
Updated
Hello there,
Here is a similar situation as with XRPBTC pair setup (link below). What is interesting is seeing many Alts contracting with BTC. When the market contracts like this it usually shows that the market comes into balance, and it often doesn’t take long for the market to break out of the range and start to trend in one direction or the other (we could short it on the higher low, but I prefer buying side in this market). ETH and XRP are the leading indicators of altseason. Therefore, it is attention-grabbing to see them forming the same patterns. Although
BTC.D is showing weakness on a buy-side.
Entry: Put a Stop Buy on the high created on 18th of July (.022388|+P)
SL: HL (.020800|-P)
TP: *
Setup invalidation:
*I do not like TP on trend-following strategies – let the winners run!
If you have any questions about risk management or whatever, do not hesitate to contact me.
SystemFollower
You can read more about me as well as about abbreviations/acronyms (*) used in this description at the link below.
Here is a similar situation as with XRPBTC pair setup (link below). What is interesting is seeing many Alts contracting with BTC. When the market contracts like this it usually shows that the market comes into balance, and it often doesn’t take long for the market to break out of the range and start to trend in one direction or the other (we could short it on the higher low, but I prefer buying side in this market). ETH and XRP are the leading indicators of altseason. Therefore, it is attention-grabbing to see them forming the same patterns. Although
BTC.D is showing weakness on a buy-side.Entry: Put a Stop Buy on the high created on 18th of July (.022388|+P)
SL: HL (.020800|-P)
TP: *
Setup invalidation:
- LL will be created
*I do not like TP on trend-following strategies – let the winners run!
If you have any questions about risk management or whatever, do not hesitate to contact me.
SystemFollower
You can read more about me as well as about abbreviations/acronyms (*) used in this description at the link below.
Trade active
Stop order hit so I am in the trade. With a %W (winrate) slightly above 50% and avgW 5times bigger than an avgR on a trade, I have an expected value of the system 1.43. This means for every $1 wagered I expect to make $1.43 per trade.
To win, you have to risk losing.
Trade active
New higher low has been created, so move your SL and reduce risk on the trade. Trade closed: stop reached
SL got hit, trade closed. I will patiently wait for another opportunity.Note
I will review trades at the end of the week (probably Sunday).Trade closed: stop reached
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