I Gave You A Winning Trade — Did You Take It? ETHEREUM! (ETH)

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Hi friends! Let's take a look at Ethereum! If you recall from my last post, we were reviewing the symmetrical triangle, as price action traded into the apex. During that analysis, I gave you two price targets — each of which would have applied, depending on the direction of the symmetrical triangle breakout. During that analysis, I said "If an upside breakout occurs, ETH will probably run up the 23.6% retrace. If a break to the downside occurs, the 50% retrace should be the next stop." As you can see, an upside breakout has occurred, and ETH has gone well beyond my 23.6% retrace target. No matter how you slice it, that's a winning call. I told you to watch for the direction of the breakout, and then I gave you two solid targets. If you would have traded that, and went long ETH when it broke the top of the symmetrical triangle, LIKE I SAID, you would have recognized a 13% gain. Someone please explain to me, how that is a losing call. In a symmetrical triangle, it could break to the upside, or it could break to the downside. Given the technicals at the time, a downside breakout seemed to be the most likely scenario. However, I recognized the fact that an upside breakout was possible, and I essentially told you to react when you saw the move (in a theoretical trade.) I guess the old saying applies "you can lead a horse to water, but you can't make it drink." I led you to the water. Did you drink it?

Allow me to draw another quote, from my previous post, to put the naysayers to rest. "Since a breakdown has not yet occurred, I've estimated where a breakdown might happen...Just FYI, this isn't a real target yet. This is only for illustrative purposes. It won't be a legitimate target, UNTIL WE ACTUALLY SEE A BREAKDOWN OCCUR. If a break to the upside were to occur, an upside target could be generated in similar fashion. Looking at the chart, we can see that it's really testing the top of that triangle. So anything is possible. We just have to wait and see."

Legendary traders, like myself, know how to react to the markets. We find price targets, and wait for confirmation moves, to know that the market is going to move in the direction the target. Amateur traders seem to have a difficult time understanding that concept. If you want to be a day trader, you have to react to the market. That's why I give upside and downside targets. Day traders are nimble — buying and selling and flipping with the market as required. My sentiment could quickly change from bearish to bullish , if that was justified by price action. The recent upside breakout, of the symmetrical triangle, gave reason to utilize my upside target. A 13% gain has occurred since then.

Looking at the chart, we can see that ETH is now a bit overextended to the upside. A consolidation, or a slight pause would be healthy for a later continuation to the upside. After having a long trade from the breakout, now is the time that I would personally take some profits off of the table. We've had a run well above the target, and a small red candle is being printed on the chart. I would look for a pullback, perhaps to the 23.6% retrace, or the 20 EMA (in blue) before reconsidering another bullish trade. Momentum continues to expand to the upside, increasing the likelihood of sustained buy-side pressure in ETH. Ultimately, a test of the bottom of the green channel could now be in play.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

Comment: UPDATE: ETH appears to be building a bull flag. Look for a continuation higher, should the bull flag break to the upside. A test of the bottom of the green channel, now seems imminent.
Who else is shorting till 1k. ?
HewFrancisKeller MalcolmDGama04
@MalcolmDGama04, I’m going to sell at $1275. Try and rebuy at $1195. And then sell again at $1385
HewFrancisKeller HewFrancisKeller
That’s my current plan
ETH/BTC is forming an ascending wedge on 1H chart.
epitome zhanmusi210
@zhanmusi210, considering the prior trend to reverse (i think), do you assume that this is bearish signal?
nice one man, seems like you were right.
MagicPoopCannon I will doubt you no more! May I ask, do you still think it's going to retrace to the 23.6%? At around 1050 I believe?
+8 Reply
Nice call. Guess I picked the wrong week to stop sniffing glue!
+2 Reply
I think you are right on this one, what about morpheusproject io, did you hear anything about it?
MPC what the hell has happened over the last hour to ETH? I had made money on three trades today, feeling good, saw the dip and bought back in at 1178 sure she would find support and before I could get a stop in she fell hard and fast now Im stuck....
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