ETHUSD - Second touch of 250 - rejection (short term trade)
Hello,
After market proved that the long side is still stronger ETHUSD pair passed through small resistance zone (~235) and it is heading to 250 zone once again.
Do not confuse yourself 250 is much bigger obstacle also it is potential second touch of this resistance zone and will be used by many traders to take profit or short. My idea is the same to sell some of my coins and short a small portion. I would not wait for confirmation but rather place a limit order around 250-255 zone.
Short entry:
- 250-255 after spike/stop loss trigger of shorts
- timeframe short to medium - few days to week maximum
PRO
1. High chance the Second touch of 250 to get reject in small time frame
2. Major resistance - 250 is psychological level and people like to trade it
CONS
1. Market could enter in a little hype mode and climb fast above 250
2. SPX / BTC - may decide to chance mode :)
After market proved that the long side is still stronger ETHUSD pair passed through small resistance zone (~235) and it is heading to 250 zone once again.
Do not confuse yourself 250 is much bigger obstacle also it is potential second touch of this resistance zone and will be used by many traders to take profit or short. My idea is the same to sell some of my coins and short a small portion. I would not wait for confirmation but rather place a limit order around 250-255 zone.
Short entry:
- 250-255 after spike/stop loss trigger of shorts
- timeframe short to medium - few days to week maximum
PRO
1. High chance the Second touch of 250 to get reject in small time frame
2. Major resistance - 250 is psychological level and people like to trade it
CONS
1. Market could enter in a little hype mode and climb fast above 250
2. SPX / BTC - may decide to chance mode :)
Trade closed: target reached:
I think this trade was successful short.
Unfortunately my order did not fill up as price was close to 250 but my order was a bit higher like 251. But if you were of those impatient people and entered in short a bit earlier then you are fine to take some profit.
Secondly I still think this way up is not over. It just gives a fresh start for another push up.
Unfortunately my order did not fill up as price was close to 250 but my order was a bit higher like 251. But if you were of those impatient people and entered in short a bit earlier then you are fine to take some profit.
Secondly I still think this way up is not over. It just gives a fresh start for another push up.
Comment:
Trade active:
Time for second try! Target is the same: Short around 250-250!
Comment:
The second push is in the gameline. ETH is still in his bullish general trend.
Our aim is to short a small piece around 250 or a bit higher.
Reasons:
1. Third touch of ~250 (second one didn't give chance for many people to exit the trades). I expect another reject and small retrace
2. Timeframe - short few days max.
Our aim is to short a small piece around 250 or a bit higher.
Reasons:
1. Third touch of ~250 (second one didn't give chance for many people to exit the trades). I expect another reject and small retrace
2. Timeframe - short few days max.
Comment:
Trade closed: target reached:
Look for exit point. This trade was succesfull.
The general trend is still bullish, but we will form a bear leg in next 2-3 months.
The general trend is still bullish, but we will form a bear leg in next 2-3 months.
Trade closed: target reached: