Candle_Trader

ETHUSD, perfect set-up for long and short position

Candle_Trader Updated   
BINANCE:ETHUSDT   Ethereum / TetherUS
Hello everyone, this set-up is for “color options” traders, please check it out and tell me what you think. Nice channel/wedge is forming after a significant price drop in Ethereum 15min chart. Both patterns could be considered continuation patterns, but since they have been forming for a long time now, I will consider them as independent and enter either long or short trade, depending on whether the price penetrates support or resistance first. So, as soon as a red candle closes bellow support line I will start buying “red options” on every consecutive candle(max 10 trades), and if green candle closes above resistance line first, I will start buying “green options” on every consecutive candle (max 10 trades). My rules are the same as before:

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Rules:

7.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.

8.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.

9.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).

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Trade active:

Red candle has closed bellow support line, so we have placed bets that majority of the next 10 candles will be red.
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