heglassedme
Long

ETBTC Contr. triangle + min criteria for an upward penetration

POLONIEX:ETHBTC   Ethereum / Bitcoin
Contracting triangle in the position of a corrective structure. Leg E should outline the last lower right point in a triangle so decline should be limited in this case and at worst tease us with a bounce off 0.02577 area. 0.02577 being a safe floor in my estimation, might be retested and, if defended, will signal the upward impulse and consequent triangle breakout. Watch 0.0322 area, bulls might be hammered here before regrouping and continuing the impulse push in the direction of a trend. Trend line and channel line are the extreme bounds of a slopping downward channel .
Comment: Keeping the longs. NYT article, growing arsenal of dapps and solidity being available in visual studio is a win-win scenario.
Trade closed manually: Covered the longs. Downtrend has started in eth.
Comment: After a temporary decline, bears bailed. Channel line support reached. Watch the channel median line, natural resistance will be setting up there. Possibly it will be short-term breached on the upside with the help of a solid bearish pin bar.
PF1: 0.0265
PF2: 0.028
how did you figure out trend line slope?
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tradinghere tradinghere
I mean line labeled as trend line resistance
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heglassedme tradinghere
I'm using equidistant channel with the median line origin being one-half the vertical distance and one-half the horizontal distance between swing high and swing low. 0.0372 vs 0.02041 vs 0.02882223 (03.16.2016).
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