ETHUSD Short -- Bearing Flag Formed -- 10-15% More Retrace

I've Been waiting for a time to short this and it seems like now the panic selling is in place. A bearish flag formed look for a further retracement. Just entered an order on a small futures position 25x short. Watching closely. On bitmex ETHM17 --- watching bitcoin closesly as well if it falls harder I will exit this trade. I shorted at .1180 50 contracts. Will update my trades as it plays out

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I just bought some long btcxbt on bitmex at 2500 to hedge to the eth/btc positon -- should be a quick scalp

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got out of btcxbt long trade at 2526 for a nice quick scalp going to add it to by eth/btc short poisition here momentarily will let you know the price when i do

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added 7 more ethm17 short at .11704

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need this trendline to hold or we might have a quick bull flag --- keeping my manual stop loss close

Trade fermée manuellement:

manual stop loss out at .1175

going to do a small long position here until market shows other wise will let you know entry

Transaction en cours:

20 ethm17 long at .1177 for quick scalp

Trade fermée manuellement:

exi8ted at .1150 going to reenter my initial trade here things are starting to move back in the direction i was inticipating. lost a a about .01 on the scalp attempt

Transaction en cours:

short 20 ethm17 at .1175 -- should be holding this trade longer term. If im goign to scalp its going to be on the btc from now on and hold this

Commentaire:

believe we fill this triangle and drop back down to lows --- keep an eye on bitcoin movements . When bitcoin runs i like to add some long position to hedge against them both going up with a big green candle as eth usually goes up at a higher percentage so that is a slight hedge even tho its just more leverage on this trade

Transaction en cours:

Added 10 more short ethm17 at .11880

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sticking in there with this trade I believe this is probably a 2-3 day hold unless we see a RAPID 10% move but i think we slowly trade downwards

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one more view here

Trade fermée: cible de profit atteinte:

Closed out 30 ethm17 contracts at .1120 (had 25x leverage on those) made.

turned .25 btc into .75 btc with this trade hope everyone else followed!

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current view

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I think we retest the $250ish area I will be shorting on any green candle here and taking off my short as soon as it approaches $250 ---- Look for either a big bounce or more panic selling there. I try not to have a trade on in those scenarios. I'd rather trade the 10% in between and not try to pick a bottom