Long

STEEM/BTC Deep Crab 120 minute

By domavila

Updated

RSI is extremely oversold and the harmonic has almost completed.

Trade active

Entry: 0.00261
Stop Loss: 0.00235
Target 1: 0.00326
Target 2: 0.00373

Trade closed: target reached

Target 1 has been reached and 1/2 my position has been closed. According to my trade plan I have moved up my stop loss and will let the other half ride.

Trade active

Please disregard the above statement. I was commenting on another published idea on the ETC/BTC pair and accidentally copied it in above.

Note: Trading view should really give you at least a few minutes to edit an idea or word. Sometimes I miss spell something or do like I did above and forever will go into TradingView history looking like fool.

Anyways, back to the analysis.

After Looking at the STEEM/BTC pair I realized I was too premature in my entry last night and I should have been more patient and waited for the Deep Crab to complete and for price to test all levels of the PRZ. This is a must in harmonic trading as taught by the inventor of Harmonic Trading Scott Carney and I did not follow this rule. Had I stuck to the rules I could have obtained a much better entry and risk to reward ratio on this trade. Furthermore, had I waited I could have had a deeper stop loss. As a result I was stopped out of 10 percent of my trade. As mentioned in my other published charts I scale in and out of trades due to low volume and illiquid markets. Also, when doing my analysis I found some fib confluence that could act as support, I moved my stop loss accordingly. If this area fails I expect to see downside to the 1.618 projection [AKA Doomsville].

That being said, below is further analysis on this trade. Targets remain the same, stop loss has been lowered under the 1.272 projection, slightly lower than the low of the day, please see chart below for further details.

domavila

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