Ranging Ethereum trade
Last trade was awesome happened as predicted on one of the two outcomes
Now, I believe Ethereum has established (or is currently establishing) a range on the hourly between 210-230. Trading a range is a recipe for losing capital because one develops a FOMO for missing out the break of the range, and hence, is 80% focussed on that while he forgets to focus on the current range. My idea to trade a range depends on the HTF sentiment of the market. I stand bullish on Cryptos upto the summer of 2020. So, I will play the ranges looking for an upward break, unless it reaches a previous/old Swing high, so I tend to set my Bids below the mid-range, i.e. 216-220 for the range marked in this trade, and will release 50% at top of the range, and rinse and repeat till we break upwards. However, if it starts to touch the lower boundary of the range, I will start to reduce my risk on the trade. Remember, the more times a Support/Resistance is touched, the more probable it becomes to break down.
If we break upwards, my target is 250 but do not place bids at 230. I would say 232, to be safe.
Average entry on this trade is at 221
Target is 230 - rinse and repeat with 50% TP at 230
Not a financial advice, and please manage your own risk
Now, I believe Ethereum has established (or is currently establishing) a range on the hourly between 210-230. Trading a range is a recipe for losing capital because one develops a FOMO for missing out the break of the range, and hence, is 80% focussed on that while he forgets to focus on the current range. My idea to trade a range depends on the HTF sentiment of the market. I stand bullish on Cryptos upto the summer of 2020. So, I will play the ranges looking for an upward break, unless it reaches a previous/old Swing high, so I tend to set my Bids below the mid-range, i.e. 216-220 for the range marked in this trade, and will release 50% at top of the range, and rinse and repeat till we break upwards. However, if it starts to touch the lower boundary of the range, I will start to reduce my risk on the trade. Remember, the more times a Support/Resistance is touched, the more probable it becomes to break down.
If we break upwards, my target is 250 but do not place bids at 230. I would say 232, to be safe.
Average entry on this trade is at 221
Target is 230 - rinse and repeat with 50% TP at 230
Not a financial advice, and please manage your own risk
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