S.o.T Chartoff - May - week 3 - ETHBTC

S.o.T Chartoff - May - week 3 - ETHBTC

1. ETH/BTC hit monthly low from Dec 2018 on May 14 and started uptrend
2. Broke several 15 min levels and retraced to uptrend
3. Broke another 15 min level and retraced to uptrend
4. Took entry on that retrace at the bottom of the trend

Entry: 0.025653
Target: 0.028696 (11.83%)
Stop loss:0.025343 (1.2%)

Trade active:

Next 15 min was reached, also larger trend was hit.

Comment:

Next 15 min level was hit 0.024671, and small pullback to 5 min hold level 0.026334.

Trade closed: target reached:

1. 1HR level at 0.026857 got hit and valley closed, after pull back to the 1HR hold level.
2. 4HR level at 0.027100 got hit and valley closed; BTC is moving up again so decided to take 5.62% profit here.
3. Will re-enter when 0.027100 breaks and holds or when the 15min hold level at 0.026605 hits.
4. Stop loss directly under the 15 min break level 0.026471 (0.8%)
5. Next target is the 1HR at 0.028696 for additional 7.84% profit.

Trade active:

1. Broke 0.027100 and moved up to 0.027800. Retraced to 0.027100 and took entry at 0.027150
2. Stop loss directly under the 4HR break level 0.026988 (0.60%)
3. Next target is the 1HR at 0.028696 for additional 5.70% profit.

Comment:

1. Binance maintenance so i'm stuck in the trade. Once trading comes back online, will move the stop to the 15 hold level of 0.027391
2. Next target is still the 1HR at 0.028696 for additional 5.70% profit.

Trade closed: target reached:

1. Binance trading is back, 1HR target at 0.028696 hit but I did not close the trade at that level due to the maintenance.
Currently at 0.029150 for 7.34% profit and I closed this trade for the profit.
2. Moved from local trend to global trend (removed old trends and added new).
3. Will monitor for pullback for re-entry.
4. Total profits for now: 5.62+7.34 = 12.96%

Comment:

Price moved up way further from here, making me realise I did not had to exit the trade, I could have set a stop loss at that level and let it play out.. lesson learnt for next trade!

Trade active:

Glad I waited for the retrace! Bounced exactly on that trend.

Entry: 1HR level at 0.029149
Target: daily level at 0.031406 (7.71%)
Stop: just below 15MIN hold at 0.028979 (0.58%)

Comment:

Although the hold level is still holding I don't trust this; I moved my stop to break even.

Entry: 1HR level at 0.029149
Target: daily level at 0.031406 (7.71%)
Stop: at entry

Trade closed: stop reached:

Entry: 1HR level at 0.029149
Target: daily level at 0.031406 (7.71%)
Stop: at entry

Stop got hit. Luckily at break-even.
Off to bed now, will analyse tomorrow and see if I can re-enter....

Total profits still at 12.96%.

Comment:

I'm banging with my head on the desk now... I did not want to lose a trade so I stopped out at break even but the HOLD level actually held ! That 0.58% I did not want to loose cost me a 12% profit overnight..

Lesson learnt: you have the skills, now learn to trust your skills !!

Trade active:

Back in the game.
The 15 min hold level at 0.031846 held and price is back above the 4HR level.
Switched from local trend to bigger trend.
New target is the daily level at 0.034468 for 6.25%

Entry: just above the 4HR level at 0.032417
Target: daily level at 0.034468 (6.25%)
Stop: just below the 15 hold at 0.031777

Trade closed: stop reached:

Stop hit. Took loss of 1,97%

Total proceeds:12.96% -/- 1.97% = 10.99%

Comment:

So ETHBTC tested the daily level and moved up again.. i'm not in a trade but want to learn what i missed...

Comment:

The chart..

Comment:

ETHBTC reached the target I had before: the daily level at 0.034468.
Unfortunately my exit strategy was not good, have to analyse what went wrong there.

Comment:

The chart: