Hello everyone,
Taking a look at the recent developments of ETH/USD, I am theorizing a potential Cup & Handle. I know that this is an extremely ambitious call, but damn it, I think it might happen. Why?
1) There was a large dark cloud cover that formed upon the breakdown of the bull trap. (I called a bull trap in my last idea, but got the price range wrong.)
2) The full retracement for the dark cloud cover is $580. And this just conveniently is the 151.8% retracement.
3) Usually after a break in the bullish divergance on the 4H 14 Day RSI, there will be an initial bounce that will find some resistance along the way back up, I'm theorizing the 61.8% level because that is usually the bounce and support to continue a bull run in classic scenarios.
What I'm going to do here:
1) I bought a small position about 15% of my stake for this initial bounce and intend to take some profits at the 1st target area to at least have a break even position.
2) Will buy a larger share at target 2 after the appropriate hammer candle appears.
3) Will take a stop loss below that area equal to no more than 3-5% after the appropriate hammer candle buy in. (Should be below the wick somewhere around that area)
4) Will take partial profit at area at target partial profit area 2, just incase of a double top.
5) Not falling for the bear trap. I I'm holding at that point until a break of 550 or lower.
Last but not least, I have to include this disclaimer. Everything you have read here is NOT financial advice. Any trades you choose to take are 100% your responsibility. What I mean is that you take on all the risk while at the same time all the reward!
My last piece of advice, before you trade, remember to do your own research.
-May BTC, reach Mars before Elon Musk
Taking a look at the recent developments of ETH/USD, I am theorizing a potential Cup & Handle. I know that this is an extremely ambitious call, but damn it, I think it might happen. Why?
1) There was a large dark cloud cover that formed upon the breakdown of the bull trap. (I called a bull trap in my last idea, but got the price range wrong.)
2) The full retracement for the dark cloud cover is $580. And this just conveniently is the 151.8% retracement.
3) Usually after a break in the bullish divergance on the 4H 14 Day RSI, there will be an initial bounce that will find some resistance along the way back up, I'm theorizing the 61.8% level because that is usually the bounce and support to continue a bull run in classic scenarios.
What I'm going to do here:
1) I bought a small position about 15% of my stake for this initial bounce and intend to take some profits at the 1st target area to at least have a break even position.
2) Will buy a larger share at target 2 after the appropriate hammer candle appears.
3) Will take a stop loss below that area equal to no more than 3-5% after the appropriate hammer candle buy in. (Should be below the wick somewhere around that area)
4) Will take partial profit at area at target partial profit area 2, just incase of a double top.
5) Not falling for the bear trap. I I'm holding at that point until a break of 550 or lower.
Last but not least, I have to include this disclaimer. Everything you have read here is NOT financial advice. Any trades you choose to take are 100% your responsibility. What I mean is that you take on all the risk while at the same time all the reward!
My last piece of advice, before you trade, remember to do your own research.
-May BTC, reach Mars before Elon Musk
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Comment:
Might miss the first target, there is a 50% chance of missing now.
I bought in at 620, added more at 615 and then sold some at 635. Holding onto the rest. Will result in break even or a hit of the second target.
I bought in at 620, added more at 615 and then sold some at 635. Holding onto the rest. Will result in break even or a hit of the second target.
Comment:
Trade closed: target reached:
TARGET#1 HIT, BAM!!
Comment:
Trade closed manually:
Target #2 where the accumulation will occur will likely miss. I don't think this will manifest the way I've drawn it. Going to figure out some new possibilities.
Still, profit is profit, can't be mad about the small position that is still making money with this trade.
Target #2 where the accumulation will occur will likely miss. I don't think this will manifest the way I've drawn it. Going to figure out some new possibilities.
Still, profit is profit, can't be mad about the small position that is still making money with this trade.