eudotong1

Quick Short on ETH before Bullish Continuation

Short
BITMEX:ETHUSD   ETHUSD Perpetual Futures Contract
After the latest BTC impulse move, it seems that ETH is consolidating at the 166 resistance. If it continues to consolidate like this, that's a sign of bullish continuation. However, for now, I am still expecting a small retracement in the short-term, as I think we've completed 3 impulse waves and are in the process of an ABC correction.

I've laddered into a short, averaged at 166.15. I'm aiming to take profit just above the 55-Hour EMA , which also falls near the previous resistance-turned-support at about 162. If this trade fails to play out over the next 24 hours, I'll cut it and look to long the bull continuation.

Entry: 166.15
TP: 162. 05
S/L: 167.8
R/R: 2.5
Trade closed: stop reached: Stopped out unfortunately before hitting my TP... Need to work on better stop-placement, seeing as this is a recurring trend in my trading.
Twitter: @UdotongE

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