IvanLabrie
Long

ETHEUR: DAO Hack and Crowdsale key levels

KRAKEN:ETHEUR   ETHEUR
The DAO key levels are acting as a guiding light in the land of ETH. It seems the smart money likes to make buyers drown before sending ETH back up. The average time they can hold their breath 'under water' is 5 bars. Let's see if that's the case this time. I'm holding longs and expecting another test of the resistance up next.
For this type of instrument, stops are problematic, and it's simply wiser to adjust size based on the average true range value of your trading timeframe.

Check out my updated track record here: http://pastebin.com/6CyyqnPT

If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.

Cheers!

Ivan Labrie

Link to Tim West's chatroom: https://www.tradingview.com/chat/#c8BzrhGRvXxGXWnJ
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.


Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise             directly or indirectly from use of or reliance             on such information.
Comment: Back above the key level after 4-5 days as expected. I went long, and holding now. Looking for a longer term position off this rally from the lows.
Comment: I trailed my long stop to where the key level sits, it should move straight up, else I don't want to hold longs.
Trade active: We can enter long and risk one average range down.
Comment:
snapshot
This setup is looking more invalid by the hour, ethbtc broke support and is looking more like a short any bounce opportunity.
snapshot
Reply
I think it'll bottom around here actually. I don't really use trendlines or other more traditional tools.
You're holding shorts?
Cheers, thanks for the comments.
Reply
Can this still be valid if we dip under the key level, like today?

And are you still considering ETH a hedge against BTC, or have they started to move in the same direction now (down)?
Reply
IvanLabrie PRO rivet.popper
We need time for it to bottom, but I doubt it'll go any lower.
Reply
IvanLabrie PRO IvanLabrie
ETH is now following BTC again.
Reply
rivet.popper IvanLabrie
Up? or down? You said ETH was on an uptrend but that it was a hedge against BTC. Has that changed and now BTC going up again?
Reply
IvanLabrie PRO rivet.popper
No, everything going down for now. There was a hack at Bitfinex too, I'd stand aside for now.
Reply
rivet.popper IvanLabrie
How do finex users "stand aside" when we're locked out while we watch this thing dump?
Reply
IvanLabrie PRO rivet.popper
I'm using kraken...a shame that finex does this. I suspect they are behind it too.
Hopefully you can get out unharmed.
Reply
Good to see you're back in the long. Now all I need is access to my Finex account so I can get out at that 40 USD you spoke of...
Reply
Are we starting a new 5 bars of underwater now, or has this pattern been broken?
Reply
IvanLabrie PRO rivet.popper
As long as it holds above the key level it'll likely keep going up. My long is risk free now, I'll wait.
Reply
rivet.popper IvanLabrie
Bounced off key level yesterday and seems to be holding there. Are you? Still holding, that is...
Reply
IvanLabrie PRO rivet.popper
You can go long again, risk is 1 ATR down.
+1 Reply
rivet.popper IvanLabrie
Thanks, can you explain Average True Range a bit please? How do you use it?
Reply
DomarkasM rivet.popper
There are some Youtube videos explaining how to use ATR for stop loss
+1 Reply
rivet.popper DomarkasM
Thanks, can you at least tell me where the ATR would be in this case?
Reply
DomarkasM rivet.popper
I am not entirely sure, but if you bought at 9.99 eur, stop loss would be around 9.09 - 9.00 eur. (considering 1 ATR risk).
Reply
snapshot
Reply
rivet.popper IvanLabrie
I appreciate this Ivan, and thanks also Domarkas. So Ivan are we not holding for ultimate target of 40 USD anymore?
+1 Reply
IvanLabrie PRO rivet.popper
Not set on a take profit level for now. Just watching how it evolves. The uptrend target is invalid now.
Reply
Yes! Kick 'em right where it hurts!!!
Reply
Any reason to stay in this trade now?
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out