ETHUSD Short -- Bearing Flag Formed -- 10-15% More Retrace

I've Been waiting for a time to short this and it seems like now the panic selling is in place. A bearish flag formed look for a further retracement. Just entered an order on a small futures position 25x short. Watching closely. On bitmex ETHM17 --- watching bitcoin closesly as well if it falls harder I will exit this trade. I shorted at .1180 50 contracts. Will update my trades as it plays out

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I just bought some long btcxbt on bitmex at 2500 to hedge to the eth/btc positon -- should be a quick scalp

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got out of btcxbt long trade at 2526 for a nice quick scalp going to add it to by eth/btc short poisition here momentarily will let you know the price when i do

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added 7 more ethm17 short at .11704

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need this trendline to hold or we might have a quick bull flag --- keeping my manual stop loss close

Trade closed manually

manual stop loss out at .1175

going to do a small long position here until market shows other wise will let you know entry

Trade active

20 ethm17 long at .1177 for quick scalp

Trade closed manually

exi8ted at .1150 going to reenter my initial trade here things are starting to move back in the direction i was inticipating. lost a a about .01 on the scalp attempt

Trade active

short 20 ethm17 at .1175 -- should be holding this trade longer term. If im goign to scalp its going to be on the btc from now on and hold this

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believe we fill this triangle and drop back down to lows --- keep an eye on bitcoin movements . When bitcoin runs i like to add some long position to hedge against them both going up with a big green candle as eth usually goes up at a higher percentage so that is a slight hedge even tho its just more leverage on this trade

Trade active

Added 10 more short ethm17 at .11880

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sticking in there with this trade I believe this is probably a 2-3 day hold unless we see a RAPID 10% move but i think we slowly trade downwards

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one more view here

Trade closed: target reached

Closed out 30 ethm17 contracts at .1120 (had 25x leverage on those) made.

turned .25 btc into .75 btc with this trade hope everyone else followed!

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current view

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I think we retest the $250ish area I will be shorting on any green candle here and taking off my short as soon as it approaches $250 ---- Look for either a big bounce or more panic selling there. I try not to have a trade on in those scenarios. I'd rather trade the 10% in between and not try to pick a bottom

shayk47

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shayk47