Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/02/05Hi guys, if you like this post, please support me by clicking the like and follow buttons and leaving a comment! Thanks!
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Market Overview
Price Action: ETH continues to pump and hitting another new ATH @ $1760!
Chart Patterns: N/A
Areas of Interest: The area(s) of interest for us are the 200MAs @ $1640-1660 and the highs @ $1760. Once price reaches one of our areas of interest and gives us a valid entry signal, I will update the trade, so make sure you follow me to get the trade entry signals in real time.
Trade Setups
Below are the potential trade setups that I would be interested in trading. Once price reaches one of these zones, I will monitor closely and post a trade signal if we get a high probability trade setup.
Long Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back down to the 200MAs, currently projected to be @ $1640-1660 by the time price reaches it, and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming
Short Trade Setup #1: False Breakout
1. Price Action: Price breaks above and then falls below the high @ $1760, forming a bull trap
2. Trade Entry Confirmations: A breakout candlestick followed by a breakdown candlestick, above average volume on both breakout candle and breakdown candle, MACD topping out
Recent Trades
2021/02/04: We had two trades, one winning trade and one losing trade. We first took a long @ $1,645.0 which hit SL @ $1,583.3. We then took a long @ $1,614.4 with a SL @ $1,596.5, and price reached a high of $1,623.3, giving a risk reward ratio of 0.6:1, meaning if you risked 1BTC on this trade, you could've made 0.6BTC. For those who set their SL with a wide enough buffer to avoid getting stopped out, price rallied to $1760, giving a potential RRR of 8:1, meaning if you risked 1BTC on this trade, you could've made 8BTC.
2021/01/30: We had winning trade! We entered a long @ $1370.5, with Stop Loss @ $1352.3, and price reached a high of $1390, giving a risk reward ratio of 1.1:1, meaning if you risked 1BTC on this trade, you could've made 1.1BTC.
2021/01/28: We had two trades yesterday, 1 win and 1 loss. The losing trade we entered short @ $1272.8 and hit stop loss. The winning trade we entered short @ $1289, max TP $1260, giving a risk reward ratio of 1:44, meaning if you risked 1BTC on this trade, you could've made 1.44BTC.
About Me
I started trading in 2008, first got introduced to bitcoin in 2009, and have been actively trading cryptocurrencies since 2016.
I have worked on Wall Street trading bonds, stocks, and options.
I have worked at top consulting firms advising Fortune 500 companies and worked on $10Billion+ deals.
I have founded and advised blockchain projects and companies, including in the areas of defi, nft, data ownership, and personal identity.
I have taken hundreds of live trades, each recorded with over 50 data points, all meticulously analyzed, using data analysis and modeling to optimize win probability and risk reward.
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