ETHUSD Breakout Trade Opportunity on a Daily Bull Flag Pattern!
Updated
Bull flag on a daily,expected move to 230-235 for this chart pattern . You can open a limit trade at least 183 to auto buy as it is moving up, however there is a risk of fakeout taking in your order and put you immediately in the negative and worse still if pattern fails and turns bearish with your order underwater.
Another option is to place a limit order at the lowest price you can get as the breakout is near for this bull flag (seems both btc and eth patterns are about to play out soon and together) and then place a stop loss below. Good luck!
Potential Earning if pattern plays out - about $45 to $50 price change.
Trade with care always and remember nothing is 100% set in stone. Invest and trade only what you can afford to lose.
For clearer view I have posted based on the 4H chart.
Another option is to place a limit order at the lowest price you can get as the breakout is near for this bull flag (seems both btc and eth patterns are about to play out soon and together) and then place a stop loss below. Good luck!
Potential Earning if pattern plays out - about $45 to $50 price change.
Trade with care always and remember nothing is 100% set in stone. Invest and trade only what you can afford to lose.
For clearer view I have posted based on the 4H chart.
Note
Just to update:One way to check if the breakout could be a fakeout only is to check if BTC is also moving. If one of them doesn't really makes any move, then more times then not within a very short time the coin will return from where is started or very near same price point.
By the way at the moment I am not in this ETH trade as already in BTC trade but might take ETH trade if i happen to see the breakout happen.
Have a great weekend and lets all look forward to next wee'ks action!
Note
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!Note
ETH 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!
Note
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...
Note
Bull Flag still in play, refer this latest chart based on daily. It is based on what i expect if the bullish scenario plays out... good luck!
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