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.
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.
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.