Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/02/04

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Market Overview

• Price Action: ETH absolutely breaking out and pumping to new ATH of $1695. I had said in my previous posts that once ETH broke its previous ATH from the last cycle, it would likely go on a tear, the same way BTC did once it broke its previous resistance @ $20K.
  
• Chart Patterns: N/A
  
• Areas of Interest: The area(s) of interest for us are the 200MAs @ $1545-1565 and the highs @ $1695. Once price reaches one of our areas of interest and gives us a valid entry signal, I will update the trade, so make sure you follow me to get the trade entry signals in real time.
  

Trade Setups
Below are the potential trade setups that I would be interested in trading. Once price reaches one of these zones, I will monitor closely and post a trade signal if we get a high probability trade setup.

Long Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back down to the 200MAs, currently projected to be @ $1545-1565 by the time price reaches it, and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming

Short Trade Setup #1: False Breakout
1. Price Action: Price breaks above and then falls below the high @ $1695, forming a bull trap
2. Trade Entry Confirmations: A breakout candlestick followed by a breakdown candlestick, above average volume on both breakout candle and breakdown candle, MACD topping out

Recent Trades

• 2021/01/30: We had winning trade! We entered a long @ $1370.5, with Stop Loss @ $1352.3, and price reached a high of $1390, giving a risk reward ratio of 1.1:1, meaning if you risked 1BTC on this trade, you could've made 1.1BTC.
  
• 2021/01/28: We had two trades yesterday, 1 win and 1 loss. The losing trade we entered short @ $1272.8 and hit stop loss. The winning trade we entered short @ $1289, max TP $1260, giving a risk reward ratio of 1:44, meaning if you risked 1BTC on this trade, you could've made 1.44BTC.
  
• 2021/01/11: We had losing trade! We entered a long @ $1024.8, with Stop Loss @ $971, which was hit.
  

About Me

• I started trading in 2008, first got introduced to bitcoin in 2009, and have been actively trading cryptocurrencies since 2016.
  
• I have worked on Wall Street trading bonds, stocks, and options.
  
• I have worked at top consulting firms advising Fortune 500 companies and worked on $10Billion+ deals.
  
• I have founded and advised blockchain projects and companies, including in the areas of defi, nft, data ownership, and personal identity.
  
• I have taken hundreds of live trades, each recorded with over 50 data points, all meticulously analyzed, using data analysis and modeling to optimize win probability and risk reward.
  

Why Follow Me

• Daily analysis on the latest market movements and price zones for high probability trade setups.
  
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DISCLAIMER: I'M NOT A FINANCIAL ADVISOR AND THIS IS NOT FINANCIAL ADVICE, AND I WILL NOT BE RESPONSIBLE FOR YOUR WINS OR LOSSES, DYOR.

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Comment:

Trade active:

eth long: test trade (1/3 of normal position size)
Entry 1,645.0
SL 1,583.3
TP1 1,675.8
TP2 1,706.7
TP3 1,737.5
TP4 1,768.4

Trade closed: stop reached:

Stop loss hit. Good thing we made back 6x on the bitcoin trade a few hours later.

Trade active:

trade was called and so far hit tp1 (with order buffer)

Entry 1,614.38
SL 1,596.52
TP1 1,623.31
TP2 1,632.24
TP3 1,641.17
TP4 1,650.09

Trade closed: target reached:

hit tp1 and then hit sl. very small profit