Long

ETHUSD Triangle Breakout Trading Opportunity

Updated

Best visibility of this triangle is on the one hour chart. It formed on 26th Aug at 8am after the very big pump and retracement. Since this pattern was formed through a bull pump I believe it will within 1-3 days (hopefully on monday to avoid creating more gaps which are such a pain and burden that the CME has put on this relatively new market where it is considered common knowledge the cme gaps formed on dauly charts will close and have always close but noonw can yet explain why they should be closed and how the prices coincidentally can retreat to these gap levels to close them always no matter how high the price has gone up. Just my thoughts. Happy Trading!

Trade active

Newbies some of you may not practice this with your trades but have the habit of putting up your stop losses when you are in profit. Never let a positive trade get into a negative ever again. Any profit no matter the amount is a good profit. Don't let anyone tell you otherwise cause greed makes us make wrong decisions and in trading that can be very painful.

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Ignore my etherwallet address, wanted to copy paste updated chart but did not copy properly. lol
Just wanted to update:
The previous resistance top of triangle now has become support. Looks promising. Its the weekend volumes are down. Lets see where this goes on Monday.

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pattern has changed to bullish pennant more clear on the 4-hr chart and pattern now has till friday to play out... so pattern change gave it an extended time... intersting... lol

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Just a quick update.. i am more confident that we will definitely go up soon but... there might be more dips down before that happens... watch those stop losses if already in long trad, minimise risk or increase margin... but do consider that nothing is 100% and if increase margin u must be prepared to take the loss if it wants to happen (very unlikely) but always be ready mentally for all consequences... the best option is to look for a strong stop loss position that is't gonna be too costly but also not too close... if not in trade then as mentioned, wait for breakout confirmation first... for this one i personally took addtional risk and am already in position... cause wanting a good price point... but i always start with very small orders which i add as we get in positive... good luck!

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ETH and BTC looking really positive at the moment... Newbie traders who just started investing into crypto take note that its not for the faint-hearted... even when it is on a bull trend along the way up there will be many big corrections, investors cashing out with profits, manipulators at work, mainstream media negativity and etc. BUT it always has bounced back and always created new highs... Not saying it is 100%... nothing ever is 100%... I do my best to avoid mainstream news... who actually thinks that major corporations are out there to look after your interest and earn you money and will allow the news which they own to give you good investment advice? And then there are those naysayers whom i also refer to as perma bears (who look at bottom prices and tops even after big corrections cause they have the urge and addiction to short... Why? Many reasons some of which i do not think i can share here... who draw some lines on a chart which seriously have no meaning nor research data to support it... the less i say about this group the better...

Here 3-stage manipulation system that manipulators and really filthy rich perma bears use:
- hire writers to write negative articles and reports and what they nowadays call research which never provides and raw data proof nor where and how they got the info from
- hire trolls to get into social media and spread as much fear as they can, nowadays you can find them in crypto social media channels, telegram and etc. (some crypto moderators have caught on to this is usually give them a warning then a ban these days)
- at the same time as the 2 thing mentioned above are set in motion will come the last and most effective stage... selling big contracts and try to get the short FOMO going, using spoofing and other trading manipulation methods and crypto exchanges currently not regulated and self regulate based on their rules and regulations.

So for me when everything is negative i always get more positive but that doesn't mean i'll stat trading longs... just wait patiently and wait for reversal bounce and breakout opportunities... the key is not about how much one can make on a trade.. its about how one manages risk and has his own system in place to minimise the cost of the loss when it starts getting negative... cause you can always make good trades but losses can be huge if you care not careful and all those hard-earned profits go down the drain in that one mistake...

finally on a good note here is a fun youtube video i created when everything was going down in the 2018 bear market and all was doom and gloom!

youtu.be/9H7kJJghvO0

Happy trading everyone!

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Why & How To Stop Loss In Profit During Breakouts:

Hi! Just sharing an idea of where they can put their stop loss in profit after after their trades have reached an acceptable profit that at the very least can cover their funding costs + though small but acceptable enough profit... I usually go to the hourly and try to get the nearest red candle and put a few $ below that low price... so no matter what happens it'll stop out in profit and i can re-assess and analyse on what to do next, do some charting work and etc.

If your price point entry was much lower within the bull flag then the stop loss in profit ideally should be just a few $ below the top of the triangle (cause the top of that triangle should now be considered a support area)... cause generally a rejection and re-entry back into that triangle is not a good sign, especially if this happens a few hours later. Rejections + Big pullbacks = bad news most of the time and could be just temporary (in which case you can get another good entry point if you see some positive movement) or a longer downwards trend towards lower prices (in which case you will be very happy to have taken that trade out and in profit)... but this is just how i trade and i learned the hard way that when a trade is positive never let it get back into negative again and take that profit no matter the amount...

mdyassink

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