SaltSugar

ETHBTC short (D1)

Short
BINANCE:ETHBTC   Ethereum / Bitcoin
Consolidation breakout: lower low below support (now turned to resistance imo)
Decent R/R
Cosolidation = H&S in this case. But me personnaly don't like such an obvious cliche. Better call it consolidation simply.
Order cancelled: Decided to cancel the trade (close manually) at break-even.
Why?

1) After a first successful attempt to print new lower lows (.031) on 24, September I don't see any significant pressure during 3 consecutive weeks. Momentum is lost.
2) Failure to break 0.031
3) Price is in triangular consolidation for 3 weeks.

Better to stay on the sidelines and wait for a directional breakout:

a) If the price breaks down (wide spread, significant volume), then I'll short it with a target of 0.027
b) in case of break-up the market will present a good opportunity to long ETH to 0.037-0.038, and probably a previous high will be tested.
Comment: Pretty easy to have hindsight but don't regret closing the trade.
Proly will see nice entry level from R/R viewpoint.

Eventually, Trading boils down to the ability to view clearly right setups from R/R perspective and a probability direction. And it doesn't matter are you right or wrong in each trade. The only thing that matters is your winrate and profit/loss ratio.

p.s. loss = always constant

Comments

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