Please note that this is in no way financial advice, I would actually appreciate criticism if something here is incorrect.
From my perspective, ETPUSD is bound for a correction, as 5 waves have been complete.
Also, There are currently 15m Longs vs 795k shorts on Bitfinex.
I will be accumulate a short around $3.25-$3.35, with a stop loss at around $3.42 (3.20% risk).
TP will start at the golden pocket area, around $2.65, which should yield an R:R of 6.33/20.15% gain.
Another risk associated with this idea, is the direction that BTC will go.
From my perspective, ETPUSD is bound for a correction, as 5 waves have been complete.
Also, There are currently 15m Longs vs 795k shorts on Bitfinex.
I will be accumulate a short around $3.25-$3.35, with a stop loss at around $3.42 (3.20% risk).
TP will start at the golden pocket area, around $2.65, which should yield an R:R of 6.33/20.15% gain.
Another risk associated with this idea, is the direction that BTC will go.
Trade active:
Orders filled.
Comment:
All going ok thus far. Moved stop loss to 3.12
Comment:
As you can see, EMA 55 is acting as a resistant on a 1h TF.
Comment:
A descending triangle has also formed on a 1H TF, indicating a downtrend. Let's see how long it will take for it to brake down.
Trade closed: stop reached:
Ive moved my stoploss a bit lower, to 3.08 due to resistances formed, however, they were hit with today's flash pump, when the price hit 3.09 and is now trending at 2.92 (nothing suspecious there)...
Trade closed: target reached:
2.66 reached today, just 0.01 shy of initial target. Unfortunately I got squeezed out today... something to take away for future trades.
