EthereumUpdated Ethereum Morphed Flag Setup current 290.34 5Oct17
As you recall, I posted yesterday an analysis indicating an Ethereum Pennant Trade setup and advised:
"In order to take a Long entry, I would wait for confirmation of an upside breakout out of the Pennant
R:R 3:1"
No upside breakout occurred and the price fell away breaching the Pennant, therefore NO ENTRY and therefore NO LOSS.
Well, our Pennant has now MORPHED into a FLAG. So we now have a revised setup.
Again looking for confirmation of an upside breakout, before taking this trade.
No doubt the question arises "but if Bitcoin falls Ethereum will fall".
For me, I don't like trading on that basis. Some news, for example, Byzantium Fork or any factors may come into play which may result in Ethereum taking an entirely different part to Bitcoin.
So I trade based on a TRADE SETUP, not on ASSUMED CORRELATIONS. Of course, you are free to trade in a way that's comfortable to your style of trading.
This has increased our R:R to 4.92:1 if it takes off.
Sean Vengan
Professional Trader and Trading Educator
DISCLAIMERS TO VIEWERS OF MY POSTS - PLEASE READ CAREFULLY
1. If you don't agree with my views or analysis and looking to just be mischievous, it's very simple, FOLLOW SOMEONE ELSE
2. I am not here to give you financial advice and if you take a trade it is YOUR FULL RESPONSIBILITY, not mine.
3. I am not your Professional Trading Mentor or here to provide you with a Free Professional Trading Advisory Service.
4. I am not obliged to provide analysis, commentary or answer any of your questions. I am here to trade for my sole benefit, not for your benefit.
5. I am a paid member, not a free member, so I am on Trading Views to use their paid services. My presence on TV is not to provide you with analysis.
6. I am happy to help you in your trading if I choose to and I feel you are being courtesy. It is my free choice to answer you, I am not obliged to.
7. If I provide and give up MY VALUABLE TIME providing analysis to you please respect that I am providing it FREE of charge. Appreciate it and don't take it for granted.
8. If you comment to me, simply be courteous and we can show each other mutual respect. If you are rude or disrespectful I will ignore you or send you a curt reply.
9. If you are abusive I will report you and will leave it to the moderators to decide if you should be banned.
10. If you don't like my views eg If I think Bitcoin is going up and you think it is going down, then please do not abuse me just for having opposing view to you. Show us all your analysis, don't hide behind rude comments and alias name. Lack of analysis shows lack of knowledge and experience.
11. I have no issue with you expressing your opinion or disagreeing with my views but please DON'T DISRESPECT me or other traders or write personal comments, this is offensive.
12. I have over 10years+ solid Trading Experience. I do not need to justify myself to you my knowledge and experience, my analysis and commentary demonstrate my skills and expertise.
"In order to take a Long entry, I would wait for confirmation of an upside breakout out of the Pennant
R:R 3:1"
No upside breakout occurred and the price fell away breaching the Pennant, therefore NO ENTRY and therefore NO LOSS.
Well, our Pennant has now MORPHED into a FLAG. So we now have a revised setup.
Again looking for confirmation of an upside breakout, before taking this trade.
No doubt the question arises "but if Bitcoin falls Ethereum will fall".
For me, I don't like trading on that basis. Some news, for example, Byzantium Fork or any factors may come into play which may result in Ethereum taking an entirely different part to Bitcoin.
So I trade based on a TRADE SETUP, not on ASSUMED CORRELATIONS. Of course, you are free to trade in a way that's comfortable to your style of trading.
This has increased our R:R to 4.92:1 if it takes off.
Sean Vengan
Professional Trader and Trading Educator
DISCLAIMERS TO VIEWERS OF MY POSTS - PLEASE READ CAREFULLY
1. If you don't agree with my views or analysis and looking to just be mischievous, it's very simple, FOLLOW SOMEONE ELSE
2. I am not here to give you financial advice and if you take a trade it is YOUR FULL RESPONSIBILITY, not mine.
3. I am not your Professional Trading Mentor or here to provide you with a Free Professional Trading Advisory Service.
4. I am not obliged to provide analysis, commentary or answer any of your questions. I am here to trade for my sole benefit, not for your benefit.
5. I am a paid member, not a free member, so I am on Trading Views to use their paid services. My presence on TV is not to provide you with analysis.
6. I am happy to help you in your trading if I choose to and I feel you are being courtesy. It is my free choice to answer you, I am not obliged to.
7. If I provide and give up MY VALUABLE TIME providing analysis to you please respect that I am providing it FREE of charge. Appreciate it and don't take it for granted.
8. If you comment to me, simply be courteous and we can show each other mutual respect. If you are rude or disrespectful I will ignore you or send you a curt reply.
9. If you are abusive I will report you and will leave it to the moderators to decide if you should be banned.
10. If you don't like my views eg If I think Bitcoin is going up and you think it is going down, then please do not abuse me just for having opposing view to you. Show us all your analysis, don't hide behind rude comments and alias name. Lack of analysis shows lack of knowledge and experience.
11. I have no issue with you expressing your opinion or disagreeing with my views but please DON'T DISRESPECT me or other traders or write personal comments, this is offensive.
12. I have over 10years+ solid Trading Experience. I do not need to justify myself to you my knowledge and experience, my analysis and commentary demonstrate my skills and expertise.
Note
For those ON TEH BALL (as I am) the ETH trade is currently breaking out on the UPSIDE.This represents a very Low RIsk very HIgh Reward trade
Let's see how many of you are sharp enough to get in early on this trade...
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