I TOLD you to NOT PANIC!
Ok, so as I said in my last ETH analysis, the bears were trying to fight back, but they got defeated in the end. We are long on ETH since this Bullish Engulf evidenced on the chart, and our trade is going very well. If you missed my last call here, remember to follow so you won’t miss any of our trades and analyses. Also, the link to my last call is below, as always.
After I post my last analysis (Friday) I received some messages of people worried about the bearish pattern I warned here, even people saying it was time to short, but I explicitly said to not worry, and most important, don’t panic. The chart gave us some bearish signs, yes, but much more bullish signs, and that’s why we remained long, and the bulls were ultimately right.
And now? Well, ETH just hit its first target, and if you are a swing trader like me you are free to book your profits. Another battle won. Today ETH hit the purple trendline and its previous top, evidenced by the orange line. Let’s see the hourly chart, as usual:
You could’ve sold you position when it did that Harami under the orange line (the same one of the daily chart), or a sell order near the trendline, or you can wait for a stronger bearish pattern here, like a closure under the green line (previous top). Personally, I like to sell half of my position at a weaker bearish sign (a sell order near the trendline, in this case), and wait for a stronger sign to book the profits of my remaining position. But this is my risk management, you are free to do whatever suits you.
Remember to follow me, I’m a trader who use the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
After I post my last analysis (Friday) I received some messages of people worried about the bearish pattern I warned here, even people saying it was time to short, but I explicitly said to not worry, and most important, don’t panic. The chart gave us some bearish signs, yes, but much more bullish signs, and that’s why we remained long, and the bulls were ultimately right.
And now? Well, ETH just hit its first target, and if you are a swing trader like me you are free to book your profits. Another battle won. Today ETH hit the purple trendline and its previous top, evidenced by the orange line. Let’s see the hourly chart, as usual:
You could’ve sold you position when it did that Harami under the orange line (the same one of the daily chart), or a sell order near the trendline, or you can wait for a stronger bearish pattern here, like a closure under the green line (previous top). Personally, I like to sell half of my position at a weaker bearish sign (a sell order near the trendline, in this case), and wait for a stronger sign to book the profits of my remaining position. But this is my risk management, you are free to do whatever suits you.
Remember to follow me, I’m a trader who use the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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