ETC/BTC Long position on Poloniex Update: Target 1 hit!! , 60 Min Chart. A Type 2 reaction, a Bullish Crab and Double Bottom Oh My!!
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Hi traders,
After getting stopped out on this pair last night on the 15 minute chart, I decided to be more patient and set up a trade on the 60 minute chart on the ETC/BTC pair on Poloniex. Once the bullish harmonic crab pattern formed at the 1.618 extension and the RSI was overbought I decided that was a good time to enter a long position at 0.00359, but then I saw a double bottom!!
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These were enough cases for me to go long so I entered my position. I dig it when double bottoms form at the completion of the harmonic crab pattern. This is the Type 2 reaction and usually price makes a nice rally to the upside.
Note to Self: Crypto is very volatile right now especially ETC and ETH. Remember: minimize risk, set tight stop losses, take smaller positions than usual and baby sit the trade.
Entry: 0.00359
Stop Loss: 0.00335
Target 1: 0.004
Target 2: 0.00442
I hope you all enjoyed my trade analysis and feel free to ask any questions and comment. Remember to trade at your own risk and the number one rule of trading is to manage risk and protect your capital. Come find me at TradingView in the chat and feel free to look at my published charts here.
Happy trading everyone!
UDPATE:
Target 1 has been hit!!
and according to my trade plan I have closed 1/2 my position. I have raised my stop loss to secure profit for the remaining half of my position.
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Here is my published chart on TradingView Just hit the play button and you can watch the trade play out.
-Domavila-
Is there a way to retag my blog? I put steemit by mistake as the first tag and now I can't erase it and put the tag "Harmonic Trading" which is which is the one I want. Does anyone know how to fix this? I don't want it going down on the blockchain like this forever.
Too late i believe, i tried changing tags after a post too and it wouldnt let me
Thanks for the answer @ashleybeckwith I am going to have to be a lot careful when posting then.
Update
After reading this post by @rpf It looks like the supply of ETC has increased on the open market by a significant amount.. so do you would think price will go down now?! Who knows?? This is crypto after all. The laws of nature, common sense, and logic do not apply here.
So what do I do?? Absolutely nothing. I had a trade set up, I took my position and I was willing to take the risk in the first place so nothing has changed!
Trade status: Long
All: Entries, Stop Losses and Targets remain the same. The next few days should be very interesting for ETC and ETH.
Happy Trading.
Update 2: ETCBTC is breaking to the upside. That is why you don't panic on news and why you stick to your trade plan. It takes a lot of discipleine but it gets easier with time.
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UPDATE: It Looks like price is running into some resistance at the 0.236 Fibonacci retracement. I just spotted some possible routes for the ETCBTC pair.
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Do the bears have some strength and numbers here. I guess we will have to wait and see.
Update 3: Trade closed: stop reached.
After raising my stop to .00374 to protect the remaining 1/2 of my position this trade has been closed in profit.
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Please check out the published chart here to see the trade play out.
Update 4
Please check out more recent analysis of the ETC/BTC pair here.