Intraday Trading Focus. Bitcoin Short Plays Out and a Possible New EOS Long
Hey guys,
When markets are on a slow slide lower and you’re lacking motivation because your overall portfolio is on the slide, you can watch the whales swim by (both metaphorically and literally), or you can continue to trade a percentage of your portfolio short term.
Of course refreshing your mind and getting your head in the right space through taking breaks is important, but this is a job like anything else and if there’s an opportunity to be maximising your income or investment, then you should be doing it.
Today I’m going to go over Wednesday’s decision to cut and reverse on our short term Bitcoin view and then take a look at a new day trading opportunity that has caught my eye in EOS.
Let’s gooo! 😎
So first up let’s go back and have a look at the decision to flip and short Bitcoin.
Yes I’m bullish crypto in the long term, but when price is hitting resistance or trading through major support levels, I’m happy to use a margin trading account to take advantage of these short term moves.
To read my thoughts at the time, click that link above if you haven’t been following the blog, or check out the quoted extract below:
Well this is where a savvy trader earns their money. Lucky for us, our levels are already drawn and we can simply use the same ones already on our charts. Just trade them from the other side:
BTC/USD Hourly
Sure it’s gross for your long term holds, but if you’re on the ball enough to draw a couple of boxes on your charts, then you can make money trading the same levels in both directions for some quick, low risk, high reward flips.
So after using this zone to long Bitcoin last week (and paying out a nice 1:3), price pulled back and I then spoke about recycling that same level but shorting a retest this time as resistance.
A trade that played out nicely as you can see from today’s updated chart:
BTC/USD Hourly Updated
Trading these intraday pullbacks around zones like this give you clearly defined levels of risk that mean you can keep your risk tight and your risk:reward ratios high.
Exactly what you need to be a successful short term trader.
Secondly, I wanted to talk about a fresh trading opportunity that’s caught my eye in EOS.
I spoke through the week about EOS being below higher time frame support and falling, but EOS has once again held up pretty well through this market wide, FUD driven turndown.
Once again, click the link and have a read of my thoughts at the time or check out the quoted extract below:
...but let’s zoom into an intraday chart to make it clearer:
EOS/USD Hourly
You can see it’s just been a slow retreat back down from the level all week. Until recently at least, but either way, no proper bullish technical damage has been done to the levels.
So with the higher time frame support level underneath price then holding...
EOS/USD Daily
...I’m looking for an intraday pullback to buy.
An intraday level that we might have just hit:
EOS/USD Hourly
This is a pretty nice looking intraday pullback into previous short term resistance turned support. A zone to long off and manage our risk around. Exactly what I want to see.
Have a great day!
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
Instagram: @forexbrokr
You have a minor grammatical mistake in the following sentence:
It should be in the long run instead of in the long term.Not interchangeable in this case as I’m talking about a market view?