4H:
ETH has been in a bear flag for about a week, moving up to a level of 4H resistance that lined up with the 50FIb of the recent drop.
When it got there it posted an evening star, before coming back up to form a lower high. I was watching for a bear hammer or similar, and it came at 2AM last night while I was sleeping.
We've since had a Bearish Engulfing.
I've partly entered this out of FOMO, the bear hammer above was the entry I wanted, and waking up I wanted to get in so I don't miss out.
There's a level of 4H support, I probably should have waited for that to break before looking for a short now that I missed the first entry.
That said, it's still a very low risk, high reward trade. I'm happy to let it play out from this entry, but something to keep in mind if I do get stopped out.
ETH has been in a bear flag for about a week, moving up to a level of 4H resistance that lined up with the 50FIb of the recent drop.
When it got there it posted an evening star, before coming back up to form a lower high. I was watching for a bear hammer or similar, and it came at 2AM last night while I was sleeping.
We've since had a Bearish Engulfing.
I've partly entered this out of FOMO, the bear hammer above was the entry I wanted, and waking up I wanted to get in so I don't miss out.
There's a level of 4H support, I probably should have waited for that to break before looking for a short now that I missed the first entry.
That said, it's still a very low risk, high reward trade. I'm happy to let it play out from this entry, but something to keep in mind if I do get stopped out.
Trade closed: stop reached:
Stopped out. Now sitting at Daily Resistance.