In the chart ETH: Arise Phoenix, i showed a potentiual bullish setup for ETH.
I managed to go long literally on the bottom wick ($644) however something didn't feel right. The breakout lacked luster. As a result, at $744 I took profit.
Also I noticed that ETHBTC was showing 4-hour bearish divergence, so at $700 I flipped reverse short and set a stop above the recent high.
Why?
Right hand side chart: ETHUSD 4-hour
This chart pattern. Ether has a head/shoulders developing with a downside target in the $500 range.
Also overlaid on the chart is a fractal from the 1.4k top showing breakdown. The market symmetry is there. We have a good potential setup for short from 700 with a stop at 744, targeting the 500 range.
Left hand chart: ETHUSD daily
Zooming out whats more scary. If this short setup plays out, then we could go near the lows. There's potential for a much bigger head/shoulders on Ether with a lower target. I don't like to make predictions so far out but it is a possibility and one I will be watching out for.
Risk management
I managed to go long literally on the bottom wick ($644) however something didn't feel right. The breakout lacked luster. As a result, at $744 I took profit.
Also I noticed that ETHBTC was showing 4-hour bearish divergence, so at $700 I flipped reverse short and set a stop above the recent high.
Why?
Right hand side chart: ETHUSD 4-hour
This chart pattern. Ether has a head/shoulders developing with a downside target in the $500 range.
Also overlaid on the chart is a fractal from the 1.4k top showing breakdown. The market symmetry is there. We have a good potential setup for short from 700 with a stop at 744, targeting the 500 range.
Left hand chart: ETHUSD daily
Zooming out whats more scary. If this short setup plays out, then we could go near the lows. There's potential for a much bigger head/shoulders on Ether with a lower target. I don't like to make predictions so far out but it is a possibility and one I will be watching out for.
Risk management
- Never risk more than 2% of account to stop on one trade,
- Be careful of taking loads of correlated trades.
- Crazy advanced bearish or bullish calls are just that. Crazy. Take them one day at a time.
Not
Breaking down .. Not
The big head & shoulders has also broken down now ...İşlem kapandı: hedefe ulaştı
Left chart profit target reached! :panic: :O
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.