cryptotraderog

Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/02/10

BINANCE:ETHUSDT   Ethereum / TetherUS
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Market Overview
  • Price Action: After hitting a new ATH @ $1822, ETH retraced a bit and is now knocking at ATHs again ready for a potential explosive breakout.
  • Chart Patterns: N/A
  • Areas of Interest: The area(s) of interest for me are the 200MAs @ $1720 and the ATH @ $1822. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time.

Trade Setups
Below are the potential trade setups that I would be interested in trading:

Long Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back down to the 200MAs, currently projected to be @ $1720 by the time price reaches it, and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming

Long Trade Setup #2: Breakout and Continuation
1. Price Action: Price breaks above and falls back down to $1822 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 @ $1822, 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

My Recent Trades
  • 2021/02/08: I had a winning trade! I entered a short @ $1,605.00, with Stop Loss @ $1,628.14, and price reached a low of $1,563.9, giving a risk reward ratio of 1.8:1.
  • 2021/02/04: I took two trades, one winning trade and one losing trade. I first took a long @ $1,645.0 which hit SL @ $1,583.3. I then took a long @ $1,614.4 with a SL @ $1,596.5, and price reached a high of $1,623.3, giving a risk reward ratio of 0.6:1.
  • 2021/ 01 /30: I had a winning trade! I 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.

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 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.
  • Sharing of live trades that I take.
  • A great place to help each other, learn from each other, and grow together.
  • Trading education including a comprehensive cryptocurrency trading eBook, personal advice, and other educational materials
  • Constantly testing and adding new trading strategies and refining battle-tested ones.

DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I will not be responsible for any actions you take based on the analysis and comments that I provide. I am simply sharing what I am doing, and is not meant to be investment or trading advice. What you choose to do with the information that I provide is your own sole responsibility! The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!

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Comment: #ETH20210210 testing 1825. Waiting to see if we have a real breakout, in which case I’ll look for a potential long, or a false breakout, in which case I will look for a short entry. I’ll update if I take a trade.
Comment: ETH testing 200MAs. Might give a trade entry within an hour if we get the right confirmations.

Comments

What is good entry for eth tq
Reply
cryptotraderog danielrwzie
@danielrwzie, we might have a potential short coming up at any time if we get the confirmations
Reply
danielrwzie cryptotraderog
@cryptotraderog, so need to wait ya
Reply
cryptotraderog danielrwzie
@danielrwzie, im waiting for confirmation to enter a high probability trade
+1 Reply
galviscahnspeyer danielrwzie
Any clues?
Reply
cryptotraderog galviscahnspeyer
@galviscahnspeyer, dropped $40 without giving us a good short signal. now waiting for it to retest 1825 or to drop down to 200MAs.
Reply
mmursal33n danielrwzie
@cryptotraderog still waiting sir
Reply
cryptotraderog danielrwzie
@mmursal33n yes no valid trade entries
Reply
Nice analysis with extra potential breakout. Thx bro
Reply
@memoc3, yes, been testing at this level multiple times, possibility of a true breakout is getting higher.
+1 Reply