Amazing Risk/Reward Harmonic on Ethereum H4 / 240 minutes

A triangle was broken recently. Now, following Carney´s principles we should be ready to go long already on this cryptocurrency hoping that BTCUSD continues its uptrend on the short term up to $9K or more. Fibo levels match accordingly.

Target 1 : $ 430 - $ 437
Target 2 : $ 455 (at the 61.8 % retracement level)
SL / Cancel: Price under $ 405 shall be followed closely, Stop Loss at $ 399 or $ 397

تعليق:

Stop Loss about to be hit as BTC keeps on plunging its way down. At the moment ETHUSD - 2.31 %

أغلقت الصفقة: تم الوصول لوقف الخسارة:

Probably stop-loss at $397 could have saved this trade. Next comments on this will be coming soon, following a backtesting plan to analyze the best statistical and probability ratios. Cheers everyone !!

تعليق:

It´s 5:00 pm here in Madrid, Spain, 9 hours after making this call. As I said last night, tightening too much SL´s can be very unprofitable, usually greedy trades as the ones like 1:3 risk/reward or more. Even more as a forex trader which is not used to so much volatility as in crypto, hoping this doesn´t sound as any kind of justification.
We said a $ 397.00 SL could have save this trade and at the moment that is what we can actually see.
Probably a little bit more patience would have make me take a better decision too wait for a 1.272 extension of leg BC at the D point completion, making it a perfect Butterfly Harmonic pattern and open the trade I´m into atm : www.tradingview.com/chart/VWhosKBy/