Thanks for viewing.
I'm just sharing my justification for going long on ETH at $112 - $113 (30% of the value of my total trade). Either its a good call and I get to look smart, or you can see me get wrecked - so enjoy.
The reasons I entered (EW, MACD, fib extensions / retracement):
- despite not meeting a 1:1 extension the ABC seems to have all waves and sub-waves accounted for and I felt that the recent move from 102 to 127 was wave A,
- The wave A gains had retraced and looked ready to start wave C up,
- While I was slightly early, if looks like there will be a definitive MACD cross-over to the upside in the next day or two (and the angle of the cross-over has decent geometry). Again I may have been too early because some people suggest going long (using a MACD crossover strategy) when the MACD averages cross the "zero line" AND the averages cross over while above that line (for longs anyway),
- While I am concerned by the geometry of the MACD histogram its is definitely trending to the upside.
- The recent move from 102 to 127 had retraced by 0.618,
- Near the bottom is the best time to go long (let's hope it is the bottom),
- There will inevitably be some retracement of the recent steep price declines (targets will have to be based on upcoming price-action - yeah I bought without a specific target),
- ETH vs BTC has lost a lot of parity and I am expecting any upcoming market bullishness to be strongly favouring ETH vs BTC (I bought ETH with BTC when the ETH / USD chart hit my buy zone (if that makes sense). My plan is to sell for USD not for BTC),
- Trying to picky tops and bottoms isn't something that is a great idea - but I have to enter trades when enough factors line up.
- I have a stop-loss but some room to wriggle. If things go as planned I will add the remaining 70% to my long on a break above wave 1 (of wave C up) once wave 2 has formed (neither of which have formed yet).
A lot was considered I guess but I don't run through a long checklist before entering a trade (maybe I should, but considering too many aspects can also be debilitating). While I have considered (or used) some indicators in ways that you may not agree with, some are mainly used as a means to identify areas / levels (or whatever) where people may go long so I can join the early movers. This seems to have worked okay so far (up 6%) so let's see how things go.
Protect your funds people. Good luck and wish me luck I'm going to get some sleep.
I'm just sharing my justification for going long on ETH at $112 - $113 (30% of the value of my total trade). Either its a good call and I get to look smart, or you can see me get wrecked - so enjoy.
The reasons I entered (EW, MACD, fib extensions / retracement):
- despite not meeting a 1:1 extension the ABC seems to have all waves and sub-waves accounted for and I felt that the recent move from 102 to 127 was wave A,
- The wave A gains had retraced and looked ready to start wave C up,
- While I was slightly early, if looks like there will be a definitive MACD cross-over to the upside in the next day or two (and the angle of the cross-over has decent geometry). Again I may have been too early because some people suggest going long (using a MACD crossover strategy) when the MACD averages cross the "zero line" AND the averages cross over while above that line (for longs anyway),
- While I am concerned by the geometry of the MACD histogram its is definitely trending to the upside.
- The recent move from 102 to 127 had retraced by 0.618,
- Near the bottom is the best time to go long (let's hope it is the bottom),
- There will inevitably be some retracement of the recent steep price declines (targets will have to be based on upcoming price-action - yeah I bought without a specific target),
- ETH vs BTC has lost a lot of parity and I am expecting any upcoming market bullishness to be strongly favouring ETH vs BTC (I bought ETH with BTC when the ETH / USD chart hit my buy zone (if that makes sense). My plan is to sell for USD not for BTC),
- Trying to picky tops and bottoms isn't something that is a great idea - but I have to enter trades when enough factors line up.
- I have a stop-loss but some room to wriggle. If things go as planned I will add the remaining 70% to my long on a break above wave 1 (of wave C up) once wave 2 has formed (neither of which have formed yet).
A lot was considered I guess but I don't run through a long checklist before entering a trade (maybe I should, but considering too many aspects can also be debilitating). While I have considered (or used) some indicators in ways that you may not agree with, some are mainly used as a means to identify areas / levels (or whatever) where people may go long so I can join the early movers. This seems to have worked okay so far (up 6%) so let's see how things go.
Protect your funds people. Good luck and wish me luck I'm going to get some sleep.
Comment:
Well, I'm not going to get wrecked at least. Stop placed for +2.3% profit just in case there is further retracement. If I do get stopped out I will look for another entry to go long shortly.
Trade closed manually:
Raised the stop to $117.30 before it broke down. Not a great trade but locked in 4.2% profit. I will be looking for a place to re-enter for more of a swing trade shortly.