Trade Idea #005 - Ethereum USD - July 28, 2017: Not looking good again, better hold it now

in #trade-idea3 years ago

Small retail traders like me do not move the market, trust me. So whether I short or buy, my power to influence the market is nil. Having said this, and I believe people on this platform might not like this next trading idea: short ETH USD on weakness. I have previously posted about ETH USD needing to better hold the line, otherwise things can get fugly. And by that I have given the little hodl investors who read my posts a warning sign here

So there is nothing wrong to return your goods when items are going to, or about to go on Sale. You can always buy it back for less. I am not predicting this will happen, I am just saying this can potentially happen soon given the weakness shown in the market by looking at the charts.

ETHUSD needed to hold above 210. If it can recover and stay above water, then we are all good.

So for this short trade, I am looking at breaking below 188, the harder the break the most likelyhood bulls will realize they are trapped and then look to sell on the retest of broken support. Below 175-60 we have thin air, meaning 140 is most likely the place to find the next support.

I will provide updates if I enter on this trade, on this very same post so I do not clog your feed if you are following me.

Until my next post.

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Update: Got taken out last night, there was a blip around midnight which took away the profits I had collected since my stop was around 189. Not happy, but at least I have screen shots to explain the entire shorting process in the next journal coming up later today.

Update: Bear Flag forming. At the break of the flag..

Update:
I've been adding once it went my way, SL are in place. Looking for Break down below 188. Also looking to add more.