Rule72

Sandwiches and Lollies

Education
BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Remember to not only keep an eye on the chart above, but also on the related BTC chart.

Money Man has been, as you know, watching ETH move compared to BTC and realized that we are waiting for a correction that would see ETH not fully hitting targets. This got him thinking of how, think it was Rockefeller - please correct me, said that he loves selling before others do. Leaving money on the table is not that bad an idea. Basically, what he was doing was only eating the sandwich’s filling and leaving the bread for others to squabble about. Now probably had positions so big that he had to scale in and out.

Both ETH and BTC has offered lolly trades lately. Ones where traders could ‘eat the whole thing’ (bar a couple of wicks especially on ETH). This also made me think of nagihatoum (a trader on here) who has a quote by Mark Twain / The Big Short on his status bar: “It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so”.

Excuse the metaphor but insisting on eating lollies and not only the filling in the sandwich, if you go trade by trade and not scaling in, could get you into trouble. The reason for Money Man bringing this up is because he sees a bit of a trend on how people interact with his ideas thread. It has become clear that most viewers are solely focused on the one analysis and so not bother to do due diligence and look at previous ones. There are a select few who do look at previous analysis, leaving their footprints with comments on ‘old analysis’ as well. Money Man likes likes, comments and follows as much as the next guy, but that is not why he brings it up – he can clearly see what most traders are focused on – the next trade and a lolly at that. All or nothing.

Please read “On Edge” if you are not sure what he is trying to do. The related BTC post (linked below) is related to his ideas on what to do if you end up in a storm and need to steady the boat.
Think about your style of trading. There are no ‘correct answers’. Do you want to pre-empt the decisions of the market and trade within patterns; do you prefer confirmations and breakouts; etc.

Conclusion: ETH tends to end up at targets once BTC has settled and decisive actions on BTC causes fear and greed on the ETH chart. Look at previous analysis and see how ETH and BTC interact. Do not simply look at somebody else’s analysis and trade on the lines they drew – that will not develop your trading. Very important to me: Please like if you appreciate the effort, please comment to develop this further and Please follow if you think this might go somewhere that you would like to know about.
Comment: Related BTC Chart:
Comment: Previous ETH contribution
Comment: Keep an eye on the BTC chart. It looks like we are in for a decision soon there. Breaking up from 13 250 should grab attention. Watch out for action between 13 400 and 13 480 ish for forming an ascending channel, but above that is the original target around 13 800. Breaking down through 13 000 brings a quick check at 12 600 - 12 550 ish which is a vague possibility, but real action could lie around 12 000.
Comment: Next BTC contribution
Comment: Next ETH contribution

Comments

Very good as always. Very clear and straight to the point. Thank you.
+1 Reply
Rule72 samky39
@samky39, Thank you for your great support, samky39
Reply
Great techical set up 🦐💪🏻
+1 Reply
Rule72 plancton0618
@plancton0618, Thank you for the motivation, plancton0618
+1 Reply
I am hoping ETH will eventually find it's own path and not slowly lag behind following BTC like a little duckling with the other ALTS. It'll never overtake BTC but it certainly shouldn't be so closely dependent on it because it should move on it own merits. The only way that will continue is if BTC replaces the USD and that's not going to happen. I am kind of worried about what is going to and when. Anyways great write up as usual and I for one always follow my trading plan and use other TA's as confirmation or a possible new idea. Then I ladder my orders in and out of positions.
+1 Reply
Rule72 Z3R05UM
@Z3R05UM, You are onto it. Many thanks, Z3R05UM.
+1 Reply
Please comment here, and please do not forget to like and follow.
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