Dear Journal;
As we we see LINKUSD has been on a rager for the last several weeks, we can see many 20% days in there. Kraken lets me take LINKUSD and LINKETH x3, and ETHUSD x5. This set up is based on the curved top I see in ETHUSD.
I appraise this as very bearish in the short term. It reminds me very much of the curve we had last Aug when BTCUSD spiked to a relative high and then collapsed.
What I expect is for the ETHUSD price to do is fall very bullishly to the 50SMA, perhaps forming a falling wedge, or a drop of that forms and iH&S down by the same range. I copied the rising portion of the 50SMA from Feb to March where the price rolled over in light blue and moved it to over the end of the current 50SMA.
If LINKUSD simultaneously continues to appreciate the spread on would widen far faster than either would move against the USD, gaining me more than longing LINKUSD x3, or Shorting ETHUSD x5. A major move in the other direction could be disastours, if ETHUSD has cooled off from its run up and continues apace while LINKUSD retraces. So this trade may have to be flipped
EDIT: I realize now that with all the windows I had open, I posted the idea to LINKUSD, here is the LINKETH, my stop is the vstop
As we we see LINKUSD has been on a rager for the last several weeks, we can see many 20% days in there. Kraken lets me take LINKUSD and LINKETH x3, and ETHUSD x5. This set up is based on the curved top I see in ETHUSD.
What I expect is for the ETHUSD price to do is fall very bullishly to the 50SMA, perhaps forming a falling wedge, or a drop of that forms and iH&S down by the same range. I copied the rising portion of the 50SMA from Feb to March where the price rolled over in light blue and moved it to over the end of the current 50SMA.
EDIT: I realize now that with all the windows I had open, I posted the idea to LINKUSD, here is the LINKETH, my stop is the vstop
Trade closed: target reached:
Target Reached; as of yet ETH hasn't fallen while LINK appreciates, but the gains have been nice
