EOS lower timeframe update - Long into a Short.

13 juin 2018

I'm bearish on EOS overall. Its due a correction, there is nothing special EOS has to keep it up where it is unfortunately.
If you don't already know - the mainnet launch was a total disaster. They don't have enough EOS staked in the network for it to be online.
*When they do get their 15% stake and go live...I imagine we will see a short lived fomo pump, followed by a beautiful dump.

I am seeing this as wave B correction before continuation wave C down.

Why:

• The T D sequential exhausted almost to the full 9 I look for - this was what grabbed my initial intention (Whilst T D isn't a bullet proof indicator, I just find it helps highlight reversals in conjuction with candle patterns when we go 7-9 in one direction)
  
• Watching the TD then raised the obvious candle exhaustion patterns I was looking for - smaller ranges on the 4hour candles, indecision dojis and longer tails not able to penetrate the 50% fib retracement.
  
• RSI exhausted, needs a reboot
  
• MACD crossover upwards after being on the floor
  

Its a little better than a 2:1 trade risk, I've kept position sizing fairly small due to the inconsistency BTC is creating currently..

Next?
I will be looking to short in the blue box. I will check what % the network stake is at first though & then post my thoughts.

This is not financial advice.

14 juin 2018

Note

Shorting now...0.0017

15 juin 2018

Note

So a more detailed update:
The initial long went above what I expected - I closed out at my target, I'm not usually one to let positions run, TA does work, but crypto can pull out some massive surprises at times & I don't really like surprises.

The mainnet launched properly last night - I saw it top out at around 19% stake which was when we hit peak above the 38.2% fib.

I was concerned we were going to see huge volume and a big pump so I waited patiently and watched low timeframes (15m / 30m ) to assess price action before picking our entry.

Ultimately the volume needed for a good pump just wasn't there to keep driving the price up. The RSI was overheating on these lower timeframes & as the 4hour doji began shaping into an inverted hammer after the run up ( exhaustion/reversal potential candle) - I made my move @ 0.0017 - yes granted this is not the top we could have got, but a 'safe' entry nonetheless.

My exit targets? I expect us to revisit the 50% fib (0.00148 ish) based on current indicators however I will begin reducing my position from 0.00162 - 0.00155 to mitigate risks & lock in profits, this will be based on lower timeframe price action so it is feasible I exit my entire position at the top end of that range.

I will then look for another entry, I expect a minor correction back up if we can get this low & will update accordingly.

I am still bearish overall on EOS short term.

16 juin 2018

Note

Closed 50% of position at 0.00159.
Moved stop loss inside original entry.
See how deep the EOS rabbit hole goes...
Still bearish.

18 juin 2018

Note

final targets for exits 0.00148 & 0.00125