Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/01/24

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MARKET OVERVIEW

• Price Action: ETH consolidated at the 200MAs, and has broken out from that range and is rallying hard.
  
• Chart Patterns: No patterns.
  
• Areas of Interest: The area(s) of interest for us are the highs @ $1438 and the 200MAs @ $1235-1255.. Once price reaches one of our areas of interest and gives us a valid entry signal, I will update the trade, so make sure you follow me to get the trade entry signals in real time.
  

TRADES(S) RECAP: LATEST 3 TRADES

• 2021/01/11: We had losing trade! We entered a long @ $1024.8, with Stop Loss @ $971, which was hit.
  
• 2021/01/10: We had winning trade! We entered a long @ $1283, with Stop Loss @ $1247, and price reached a high of $1325, giving a risk reward ratio of 1:1, meaning if you risked 1BTC on this trade, you could've made 1BTC.
  
• 2021/ 01 /07: We had two winning trades! We entered a short @ $1213, with Stop Loss @ $1224, and price reached a low of $1159, giving a risk reward ratio of almost 5:1, meaning if you risked 1BTC on this trade, you could've made almost 5BTC. After our short trade, we had a trade of a new experimental trendline strategy. We entered a long @ $1194, with Stop Loss @ $1173, and price reached a low of $1289, giving a risk reward ratio of almost 4.5:1, meaning if you risked 1BTC on this trade, you could've made almost 4.5BTC.
  

TRADE SETUPS
Below are the potential trade setups that I would be interested in trading. Regardless of the path that the price takes, I will be monitoring the market for a valid trade entry signal.

Long Trade Setup #1: Retest and Continuation (200MAs)
To open a long position, we are waiting for price to retrace back down to test the 200MAs and then continue moving up.
1. Price Action: Price needs to move back down to the 200MAs, currently projected to be @ $1235-1255 by the time price reaches it, and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming

Short Trade Setup #1: False Breakout
To open a short position, we are waiting for price to break above the horizontal resistance and then fall back down.
1. Price Action: Price breaks above and then falls below the high @ $1438, 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

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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 worked at top consulting firms advising Fortune 500 companies and worked on $10Billion+ deals.
  
• I have founded and advised blockchain projects and companies, including in the areas of defi, nft, data ownership, and personal identity.
  
• 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.
  

DISCLAIMER: I'M NOT A FINANCIAL ADVISOR AND THIS IS NOT FINANCIAL ADVICE, AND I WILL NOT BE RESPONSIBLE FOR YOUR WINS OR LOSSES, DYOR.

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Commentaire:

ETH in the middle of our two trade areas. Let’s see where it goes first, up to the highs of 1438 or down to the 200MAs. Both are good areas to open up trades.