Selling ETH back to USD on a strong hourly candle.
Updated
Hey guys. This is my very first post on Trading View, and frankly, I'm still learning to use the software. Like many of you, I've been watching Ethereum closely and monitoring its lines of support since the initial dump. When this hourly candle started rapidly pushing higher -- around 1800 local -- and the RSI shot almost vertical, I decided to sell my small position back to USD. The goal is to buy back in as it settles down a bit in order to increase my position size by a couple of percent.
Take care and good luck.
Take care and good luck.
Trade closed: target reached
An Alert was set and a Limit Order placed to buy back in at USD 469.74.The trade occurred at 2236 and increased my total ETH position by 4%.
Admittedly, I was originally concerned the pattern had the makings of a Bull Flag, but considering the previous hourly price action and the sudden volume spike without much follow-through from the bulls, I opted to let the trade ride and not buy back in at a level close to my original selling price.
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