Ethereum is on fire. And its really dangerous to short something that is this strong.
However, if you have the balls to do it AND you manage risk. This is where you take a shot. A lot of assets will move up to their 79% area and make for a good reversal. ICT Trader is famous for this level and calls it Optimal Trade Entry (OTE).
I took it but I'll have a tight stop. You can put a stop at the highs if you have some patience.
Take profit $137 and $130. Once I get first target, I'll move my stop to break even. I'll have an emergency stop above but closing 1H above that $150 and I would give up on this trade.
However, if you have the balls to do it AND you manage risk. This is where you take a shot. A lot of assets will move up to their 79% area and make for a good reversal. ICT Trader is famous for this level and calls it Optimal Trade Entry (OTE).
I took it but I'll have a tight stop. You can put a stop at the highs if you have some patience.
Take profit $137 and $130. Once I get first target, I'll move my stop to break even. I'll have an emergency stop above but closing 1H above that $150 and I would give up on this trade.
Note
We hit a TD9 on a the 4H and so far its just have a very calm pullback.
I'm not seeing what I was hoping for and will move my stop to break even. Actually will look to long at $142, $138 and $131.
Note
As I said in my last post, I longed at $142. I didn't get a second position. I am now covering my long.
Here is where I'm looking to go short. We have a SR area from the previous moves and we also have the 200 DMA.
I want to wait to see if there is a reaction and if I get the price action I want. I won't blindly short this type of strength.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.