EOS Long Trade Setup. Market Gives us a Short Term Pullback to Enter

in #cryptocurrency7 years ago


Crypto Ninjas

GOOD EVENING STEEMIT!

If you know my trading style, you know that I wait for a higher time frame level to hold and then trade any short term pullbacks. My initial entry is a smaller position with my stop below the higher time frame level and then each subsequent retest or step up, I add into my position to keep my risk low and my reward high.

The strategy works well and even though with crypto I'm looking for longer term holds, I do like to ease myself in to just make sure I'm not getting a dudd deal early.

Yes I will eventually get to a proper blog post that outlines my strategy and if you follow me on Twitter, you'd know I plan to eventually get some sort of mentorship group with proper content, webinars and live trading but I don't want to charge for it if I can't give it my all, and I don't feel like I can at the moment so I just continue to write about my setups and trading for free here.

So yeah, onto this current EOS setup...

The market is all pulling back and EOS is actually holding up quite nicely, so even if price slips below support here, I still quite like the entry. There's definitely some sort of strength here.

Starting with the higher time frame level from the EOS support blog that I penned a few weeks back, you can see the clear daily support level at the bottom:

EOS/USD Daily

Yep, that's the higher time frame level holding and confirmation that it's longs that are in play.

So into the intraday charts we go:

EOS/USD Hourly

The latest rally really was a strong vertical move, but you can see the levels that I've marked is clear previous short term resistance that we can look for support in when price comes back to retest the level as it is now.

This is the type of levels that I look to take trade entries off. I'm in the direction of the higher time frame chart because support has held there, and now this is a pullback that I can get some good risk:reward out of.

Hit it.

Peace.




Related @forexbrokr CHART ART Blogs

If chart setups that I've spoken about before are related out then I'll leave them here.

EOS Support and Listening to Dan Speak has Sucked me in




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Everyone is pulling out of everything in order to capitalize on the free money that Bitcoin will poof out of thin air at the end of the month, so I think it has a lot more to go down, maybe low $0.50 range, so I'd hold off if I were you.

There are no guarantees markets will behave the same during this new fork. A fork can potentially also be negative for a

If everyone is expecting to make 'free money' as you say, I guarantee you that it will do the opposite.

Regardless, I guess that's what everyone is planning.

Upvoted & RESTEEMED! :)

LIKE OMG THANK YOU SO MUCH TAY TAY!! <3

Nice. EOS is one I've been waiting to get in on. Might have a proper look it at today.

Gotta back our main man, Dan!

This post received a 15% vote by @mrsquiggle courtesy of @choogirl from the Minnow Support Project ( @minnowsupport ). Join us in Discord.

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Cha chinggg.

Ahhh, wise words palani sensei!

sankiyo :)

Here is my introduction to EOS for non technical people, I hope it can explain why this technology is game changing

https://steemit.com/eos/@m-i-k-e/introduction-to-eos-for-normals

Hey Mike,

Great read. I've given your EOS article a resteem and look forward to reading more of your work :)

I've started to invest more of this style. Though I haven't had a chance to purchase any EOS yet, this is the approach I'm taking to purchasing steem and quantum at this time as well as some litecoin and eth.

Good to hear gniksivart :) Just make sure you're clear about whether you're trying to trade or you're trying to invest for the long term. Entry strategies can overlap, but risk management can't.

I am also in QTUM. Do you see an overlap between EOS and QTUM? Are they going to coexist peacefully?

I just started investing in crypto late augusts and felt I was late in the game. I discovered EOS a couple of weeks ago at 5.5 USD! I could be wrong but I think EOS will be top 5 in the next couple of years. I'm telling everyone I know about it. I like how fair this "ICO" is compared to others.

Hoping to add some more. Please update :)

Thanks mate. I too see the potential in the medium to long term. Start accumulating.

The problem with EOS is they are making more of it so it will continue to fall in price due to inflation. any sort of investment is based on supply and demand. The supply will out do the demand right now due to the fact the ico is running for a year. ICO starts on 26th of June 2017, ends on 1th of June 2018, almost 1 year. I think thats a good entry point around may or june. But the price is cheap enough I wouldn't say its a terrible time to invest into it. Its definitely a long term hold type crypto your not gonna see a big boost in it right away. Also the chinese are not allowed to invest into it and thats like 90% of the crypto market. It a big blow any time chinese can't invest in a crypto.

Thanks for you comment mate. What you say about their ICO strategy is true and keeps me wary. But it is at a strong support level which is looking like holding for now so I'm happy to take a small position here with the idea of eventually building up a bigger holding for the long term.

I'm a big fan of Dan and if this is his baby, then I want to be on board with him.

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