Yesterday we moved the stop loss down on the short positions for the first time. My short on ETH:USD and ETH:BTC has been open since 6-5 and it is a relief to be able to move the stop loss into the money. I use Bill Williams Fractals on the daily chart to manage my stops.
Today we are waiting to see if the major area of support will breakdown below $5,945 and I have been calling for that to happen this weekend. Be ready for a big amount of selling volume to follow if a new swing low occurs.
I have an order set to open a short on BTC:USD as soon as a new low is created. I am going to be playing in a golf tournament today and that order will make sure that I do not miss out on the opportunity. For those of you who are unaware you can do this by setting a stop order if there isn’t currently an open position.
For example: I set a stop loss order to sell BTC at $5,819. Since I do not have an open position that order will trigger to sell BTC on margin, thus creating a short position. That allows me to get the entry I am waiting on without needing to be at my computer. This is a big help when it comes to living a balanced life!
We are currently consolidating at the major area of support and I am expecting the formation of a bear flag to lead to the eventual breakdown.
On the 1 hour chart we can see prior support turning into resistance as well as a shooting star and two hanging men.
The 12 and 26 period EMA’s have made a bearish cross on the 1 hour, 2 hour, 3 hour, 4 hour, 6 hour, 12 hour 1 day, 3 day and 1 week. It is often a good idea to wait until multiple time frames are in alignment before opening a position. It is safe to say that this is currently the case in regards to the moving averages.
If you are still not in a position then there are a couple of entries on the table.
1. Open 100% of your desired position as a short once we breech $5,900 support.
2. Start with 33% of the position when the shorter term moving averages get a bearish cross over - 10 minute, 15 minute etc.
Stop loss is currently $6,851 and the target of $4,950 remains in tact.
Thank you for reading! Have a question? Leave a comment! Smash the follow so that you don’t miss out on future updates and remember that clicking like is good karma!
Today we are waiting to see if the major area of support will breakdown below $5,945 and I have been calling for that to happen this weekend. Be ready for a big amount of selling volume to follow if a new swing low occurs.
I have an order set to open a short on BTC:USD as soon as a new low is created. I am going to be playing in a golf tournament today and that order will make sure that I do not miss out on the opportunity. For those of you who are unaware you can do this by setting a stop order if there isn’t currently an open position.
For example: I set a stop loss order to sell BTC at $5,819. Since I do not have an open position that order will trigger to sell BTC on margin, thus creating a short position. That allows me to get the entry I am waiting on without needing to be at my computer. This is a big help when it comes to living a balanced life!
We are currently consolidating at the major area of support and I am expecting the formation of a bear flag to lead to the eventual breakdown.
On the 1 hour chart we can see prior support turning into resistance as well as a shooting star and two hanging men.
The 12 and 26 period EMA’s have made a bearish cross on the 1 hour, 2 hour, 3 hour, 4 hour, 6 hour, 12 hour 1 day, 3 day and 1 week. It is often a good idea to wait until multiple time frames are in alignment before opening a position. It is safe to say that this is currently the case in regards to the moving averages.
If you are still not in a position then there are a couple of entries on the table.
1. Open 100% of your desired position as a short once we breech $5,900 support.
2. Start with 33% of the position when the shorter term moving averages get a bearish cross over - 10 minute, 15 minute etc.
Stop loss is currently $6,851 and the target of $4,950 remains in tact.
Thank you for reading! Have a question? Leave a comment! Smash the follow so that you don’t miss out on future updates and remember that clicking like is good karma!
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