ETH Short Setup

Shorting ETH on a break below 340 although this setup is confirmed with a daily close below 330's.
Targeting low 200's with a possible first reaction near 280's / 290's trendline.

Trade active

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Booking 50% Down here, half position left, stops moved to break even.

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Daily pivot failure, added 1/4 position size, tight stop above.

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We've had a smooth running trend running up the back of the 21Dma which we've dipped under and consolidated once previously.

For this reason we need to be nimble here and be open to the idea that last minute bulls try to stage a rally off these levels. Price however is still bearish and therefore still see scope to reach low 200/180/160 level.

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I have closed my 1/4 position below the pivot for a scratch meaning with fees I am at evens and only hold the last 50% short.

I'm going to offer up a road map moving forward from here.

Keep a close watch on the 6.18 as seen in the chart below, sellers should come in and price should fall from here. If price stalls in the mid 290's then we should see a bearish Gartley pattern play out where price attempts to make a move back into the 360's.

The key levels here are the 6.18% and that mid 290 region.

I am going to move my stops from the 50% above the 6.18 and short another 50% from there with stops at the same place.

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If it doesn't hold this level, see you at 200.

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Cashed out my other 50% short moving on to the Bearish Bat setup as shown in the above and below charts.

If this setup fails I'll scale in on a break below the 88.6% otherwise shorts at and near (scaling in) the 161.8% extension with stops above.

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Race to the bottom begins no last minute Gartley's or Bats for ETH.

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50% booked 50% left

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1/4 left nearly there!!!!

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This trade was all about waiting for the right setup to come along and bank big time.
It goes to show less is more and wait for the trade to come to you.

Trade closed: target reached

Trade Closed Target Reached.

Closing into these levels 100% satisfied with this trade.

Until next time happy trading!

BTCMarket

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BTCMarket