IagoLemos

EOSUSD Range trading #2

BITFINEX:EOSUSD   EOS / Dollar
1) Buy between the blue and the grey;
2) Sell between the red and the grey;
3) Never open a position in the grey area. This area is too far from both stop-losses, making it unprofitable.
4) Only open a position if your indicators say so ( RSI , MACD , CCI , etc.)
Only trade this setup if you're an agressive trader.
These areas are determined with fibonacci ratios.
PS: You should only open a position according to your overall market belief. For example: I believe this market is going down because of the technicals on the daily chart + BTC situation. So, I will only open short positions.
Stop-losses: if trading short, stop-loss is the top of the flag, just above the red area. If trading long, stop-loss is the bottom of the flag, just below the blue area.
I'm only an amateur, don't follow my strategy blindly. Keep your money safe.
Comment: Example on short position, triggered by MACD and RSI. Wasn't in in this trade only because I was away from the computer. This example illustrates very well the strategy i described above.
Trade active: Scenario didn't change at all. Hitting resistance, on a rising wedge pattern (in my opinion), with a convergence on MACD. I'm putting a low-leverage short position right now, with stop-loss around 9.50

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