Anatomy of a Day Trade, ETH stop out long
Updated
ETH setup for the most pure and beautiful long, yesterday.... that didn't work. And.... I will take this trade exactly as I did, over and over and over again. lol...
Note
We start with the Trading Trinity ™- Trend
- Range
- Volume
*in that order
Trend is up, we are coming off the bottom of the range, and we are breaking volume on the VWAP from the highs.
Note
As ETH held the First Area of major support at range lows we take notice and begin to watch for trend to develop. The trend shows itself nicely on a retest of range lows making a slightly lower low under the range (beautiful stop outs like this are awesome... usually lolz.)Note
ETH then holds the second major area of support and at the same time, breaks above volume coming from highs... while, LTC is break hard North AND BTC is triggering long. All adding to validation for the trade.Note
This is a 92% probable winner with big ups all the way up to Range highs... BUT.. it failed.Note
Even though the trigger took price above the 128 SMA initially... it collapsed back under the 128 fairly quickly and started holding UNDER it. Danger Will Robinson... Danger.Note
Took a stop on the first push back up into the 128 for - 0.75RSux... but tiny loss. The current market conditions are extremely difficult in crypto, which means big money is on the horizon once this changes. But for now.. I accept I'm going to lose more. Ii trade smaller and keep stops tight... when the expansion comes back in.. and it will... I will pick my BIG BAT back up and start swinging hard again.
Losses are inevitable in trading, in fact, they are necessary. If you want to be profitable long term in this game. Risk is your priority OVER profit.
Blessings.
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