Shorting $EOS, simple but effective break out trade
I haven't really followed the EOS hype but this looks as a shorting opportunity to me.
Made a high a while ago in a 5 legs upcycle and now in an ABC correction. Didn't manage to make a new high in the latest upmove which looks to me as the B leg.
Bearish divergence in that latest upmove (on 240m chart), which is a clear sign it is loosing momentum.
How to trade: wait for a breakout to the downside and the retest (see link below if you're not familiar wiht break out trading).
Once retest fails, you can open short positions and hold to C (determined with Fibonacci Extensions).
If current move up (the B-leg reaches higher, C will also be a bit higher) but I will update if that happens.
Simple but effective set up, just wait for the break down. If it doesn't happen, just move to the next trade.
Happy Trading!
Made a high a while ago in a 5 legs upcycle and now in an ABC correction. Didn't manage to make a new high in the latest upmove which looks to me as the B leg.
Bearish divergence in that latest upmove (on 240m chart), which is a clear sign it is loosing momentum.
How to trade: wait for a breakout to the downside and the retest (see link below if you're not familiar wiht break out trading).
Once retest fails, you can open short positions and hold to C (determined with Fibonacci Extensions).
If current move up (the B-leg reaches higher, C will also be a bit higher) but I will update if that happens.
Simple but effective set up, just wait for the break down. If it doesn't happen, just move to the next trade.
Happy Trading!
Trade active:
Price broke down and already hit first short term target.
Depending on the strenght of alt markets, we might see a bounce from here of just continue to the downside.
A bounce would be good opportunity to add to your shorts.
Depending on the strenght of alt markets, we might see a bounce from here of just continue to the downside.
A bounce would be good opportunity to add to your shorts.
Comment:
Bounced on the .5fib level (correction of the whole upmove).
Expecting some consolidation or bounce before next move down to at least the .618fib level.
Expecting some consolidation or bounce before next move down to at least the .618fib level.
Comment:
Trade closed yesterday when it didn't break .5 fib level.
Watching the bounce to open new shorts
Watching the bounce to open new shorts
Comment:
ON track for 2nd target
Comment:
LOL, wrong chart
Comment:
2nd Target reached
Comment:
Seems to be heading for that final leg down
Comment:
Target reached
Coud go more higher and even make a 5 legs structure before a bigger correction. If so, final target will allso be a bit higher