ETH/USD SHORT
Updated
ETH/USD SHORT
ENTRY: 2,424.00
STOP: 2,483.00
Here are my reasons for entering a short position on ETH/USD.
The confluences for my entry:
✓ Strong downtrend
✓ Price action formed a double top > followed by a lower higher
✓ Lower high was printed on a reversal candle on a key level
✓ Price action took out the lows of the previous candle
✓ RSI moved over the EMA and into the bearish control zone
✓ Stochastic potentially crossing downwards into the bearish control zone*
✓ Potential hidden bearish divergence to play out*
*taken into consideration but not confirmed as of yet.
I entered a short position with a stop loss above the hourly swing high. Will move stop tighter and into profit as the trade makes lower highs.
** this is not financial advice **
ENTRY: 2,424.00
STOP: 2,483.00
Here are my reasons for entering a short position on ETH/USD.
The confluences for my entry:
✓ Strong downtrend
✓ Price action formed a double top > followed by a lower higher
✓ Lower high was printed on a reversal candle on a key level
✓ Price action took out the lows of the previous candle
✓ RSI moved over the EMA and into the bearish control zone
✓ Stochastic potentially crossing downwards into the bearish control zone*
✓ Potential hidden bearish divergence to play out*
*taken into consideration but not confirmed as of yet.
I entered a short position with a stop loss above the hourly swing high. Will move stop tighter and into profit as the trade makes lower highs.
** this is not financial advice **
Trade closed: stop reached
UPDATE: Stopped out for minimal loss as Bitcoin Rallies. Taking a wider view of the market, we can see everything in the crypto-space rallying for the short term with BTC. The 12HR shows that ETH is also holding onto the 200EMA for support as well as some horizontal support.LESSONS:
✓ Make sure to check what Bitcoin price-action is looking like. BTC is King and everything will follow.
✓ Be less aggressive and wait for candle closes. (We did quickly trade below entry before reversing but did not close).
✓ Waiting for candle to close would also confirm lower high - justifying stop loss point.
✓ Technically my stop loss should have been higher - above the previous confirmed lower high.
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