MarcPMarkets

ETHUSD: Bullish Pin Bar Can Lead To Test Of Low 500's.

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETHUSD             update: As BTC             aggressively took out it's buy trigger earlier today, this market has not. 475.50 is the pin bar high that will signal bullish momentum is in effect. The lack of follow through is not that surprising given the general sentiment, but the probability of the location is still key.

Earlier today on S.C., we sent out a swing trade long idea to our followers for BTC             . The reason why we are not calling this market, even if it triggers is because it would be the same as buying more BTC             . As bullish as we are, we still respect the environmental limitations imposed by the short term structures that are still bearish .

In this market, these structures are the bearish trend line and the 581 level (.382 of current bearish structure). As I have been writing about in the other coins, until these areas are taken out, bullish expectations are more appropriate on the conservative side.

Being conservative comes in many forms. Tighter profit targets, smaller positions or waiting it out until the general environment changes are some ways to be conservative.

Keep in mind we are also managing a portfolio of inventory across multiple coins. We have been increasing our long term coin count which is also a consideration when we account for our overall risk.

For those who are interested in this market, if the 475.50 level is taken out, that is a long signal in terms of our methodology. Since I am not calling an official trade idea, I am not going into the reward/risk details. I will say that IF price clears the 500 level, a conservative target in the low 520s is within reason.

In summary, earlier on S.C., I mentioned the short sighted nature of the herd through trend following indicators. Like I wrote, they have their place, but understand their limitations. They will not account for the probability of the general location where these markets continue to fluctuate. Just like they did not warn of the 1424 peak. Common sense, best practices and levels at least offered a clue. These lows are the same situation in reverse. There is more to timing markets than consuming news, following "experts" and reacting to lines on a chart.
Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| http://www.Priceactiontraders.net | Cofounder http://www.seekingcryptos.com (S.C.)





Please forgive my ignorance, but what is the S.c ?
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Sylkme magicpoop123
@magicpoop123, His paid group
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@Sylkme, thanks a lot
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Iv often pondered what Im sure is a silly question, but if always enjoyed your analysis and wonder if you just might be the guy to shed some light on this for me. It appears to be that nearly all crypto follows bitcoins action very closely, but for some reason we still find our self charting everything to death to find that winner. It feels to me like positions that are found are almost completely invalid without the support in conjunction with bitcoins movement. Am I way off base here? I feel like its almost a must to focus on bitcoin primarily and only when its moving in your favor to watch for good positions on other coins. Sorry if this sounds like a idiot question, I dont primarily trade crypto, any criticism or enlightenment from you would be respected.
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We have a quite similar outlook:

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Thanks Marc. I have been waiting for my second chance to buy the bounce at lower 400 ETH. Had my chance the other day and was not logged in and not ready.
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halcy0n9001 TradeClass
@TradeClass, use a limit order instead so you don't have wait around?
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TradeClass halcy0n9001
@halcy0n9001, I don't trust them. I trade on an exchange accused of failing to trigger.
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halcy0n9001 TradeClass
@TradeClass, Is that personal experience?

Seems like it would be much easier to set a limit order, and then if you happen to be around you could check on it and/or cancel it to place you own?

Perhaps it's time to find a better exchange?
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