A buddy nudged me about this idea, and I do see downside for ETH.
That is a significant trendline that price has broken, now PA is below the EMA's with a classic "Bear Flag" on the 1H chart.
In theory; the height of the flag pole should break to the downside at an equal distance. - in theory -
It is important to mention, the engulfing candle.. a classic reversal setup right on the EMA's
Let's see where this goes. My stop is a little close for my liking, but I did not feel compelled enough to move it...
1% risk 2:1 RR
That is a significant trendline that price has broken, now PA is below the EMA's with a classic "Bear Flag" on the 1H chart.
In theory; the height of the flag pole should break to the downside at an equal distance. - in theory -
It is important to mention, the engulfing candle.. a classic reversal setup right on the EMA's
Let's see where this goes. My stop is a little close for my liking, but I did not feel compelled enough to move it...
1% risk 2:1 RR
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Trades do not often work out that beautifully, but I'll take the win. Cheers Market.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.