btc_joe
Short

ETH/BTC textbook H + S

POLONIEX:ETHBTC   Ethereum / Bitcoin
425 0 11
I need not get into the fundamentals and everything going on with ETH, if you are unaware you are not following lol.

Look at the volume:

"Volume: As the Head and Shoulders pattern unfolds, volume plays an important role in confirmation. Volume can be measured as an indicator (OBV, Chaikin Money Flow ) or simply by analyzing volume levels. Ideally, but not always, volume during the advance of the left shoulder should be higher than during the advance of the head. This decrease in volume and the new high of the head, together, serve as a warning sign. The next warning sign comes when volume increases on the decline from the peak of the head. Final confirmation comes when volume further increases during the decline of the right shoulder."

http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:head_and_shoulders_top_reversal
Comment: fyi, I don't use manual stops, I like to use my judgement and wait for a close above stop on higher time frames if I feel necessary, in this case did not close yet.
Comment: *I use manual stops
Comment: Any lasting and convincing action above this trendline I will close:
eth/btc
Comment: still open
Comment: added more. 1d dripping.
Comment: Should pick up momentum when this breaks: https://www.tradingview.com/chart/AHa1LZh4/
Comment: Looking good, new stop losses, for 1 trade-a convincing break above the trendline, for the other, can be more risky--convincing break above the red box:
ETH/BTC
Trade closed: target reached
Trade active: New trade, looks like the up move or inverse H + S failed, nice downside if so and good R/R:
 
Comment: Above stop, still keeping it open but cautiously and keeping an eye on it, reason being is that the combined market of ethc + eth is actually up prefork, IMO this will not last and one will fall. Doesn't necessarily mean it will be eth but for now that is my assumption.
Comment: risky move but adding more here at .019, considering the potential target--the extra risk is justified to me and it seems like the up move has failed.
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