Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/03/22

22 mars 2021

Market Overview

• Price Action: After reaching a high of $1870, Ethereum has been trending down, broke down below the 200MAs, which have been serving as resistance, as can be seen from the rejections as price reached the 200MAs. Price is again testing the 200MAs, the fact that price established a higher low before retesting the 200MAs suggests potential bullish strength to break through.
  
• Chart Patterns: N/A
  
• Areas of Interest: The area(s) of interest for me are the highs @ $1870. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time.
  

Trade Setups
Below are the potential trade setups that I would be interested in trading:

Long Trade Setup #1: Breakout and Continuation
1. Price Action: Price breaks above and falls back down to $1870 and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming

Short Trade Setup #1: False Breakout
1. Price Action: Price breaks above and then falls below the high @ $1870, forming a bull trap
2. Trade Entry Confirmations: A breakout candlestick followed by a breakdown candlestick, above average volume on both breakout candle and breakdown candle, MACD topping out

My Recent Trades

• 2021/03/16: I had a winning trade! I entered a long @ $1738, with Stop Loss @ $1718, and price reached a high of 1803.9, giving a risk reward ratio of 3.3:1.
  
• 2021/03/05: I had a winning trade! I entered a long @ $1,540.0, with Stop Loss @ $1,522.4, and price reached a high of $1,670.0, giving a risk reward ratio of 7.4:1.
  
• 2021/02/21: I had a losing trade. I entered a long @ $1,970.0, with Stop Loss @ $1,868.6, and stop loss hit.
  

About Me

• I started trading in 2008, first got introduced to bitcoin in 2009, and have been actively trading cryptocurrencies since 2016.
  
• I have worked on Wall Street trading bonds, stocks, and options.
  
• I have taken hundreds of live trades, each recorded with over 50 data points, all meticulously analyzed, using data analysis and modeling to optimize win probability and risk reward.
  

Why Follow Me

• Daily analysis on the latest market movements and price zones for high probability trade setups.
  
• Sharing of live trades that I take.
  
• A great place to help each other, learn from each other, and grow together.
  
• Trading education including a comprehensive cryptocurrency trading eBook, personal advice, and other educational materials
  
• Constantly testing and adding new trading strategies and refining battle-tested ones.
  

DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I am simply sharing what I am doing, and I will not be responsible for any actions you take based on the analysis and comments that I provide. The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!

What are your thoughts? Please leave your ideas and analysis in the comments below! Do give the post a like and a follow.