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I am new on TradingView but far from new in this industry, I am going to be delivering you an abundance of trades and info based off years of charting!
Now lets get to work, ETHUSD has recently bounced off both the 200ema (Green line) and 61.8 Fib retracement, showing a bullish tendency. It has now broken the horizontal level at $810, and bounced. This is a classic ABC (Advance through a level, Back to Retest it, and Continue in the same direction. The aggressive entry was on the bounce but we have missed it and can take a more conservative entry.
We will look to enter as price runs through the top of yesterday’s bar at $876.00 with a Stop loss at $770.
Targets at $960 $1100 $1240 $1350
I suggest scaling out aggressively and banking profits at the early targets.
This is a high probability set up with an entry with the trend, a Horizontal level protecting stop loss and a couple of quite conservative initial targets.
Remember if you want to make Dollars your decisions have to make sense.
Please note: I don’t have and will not be taking any Buy and Hold positions on ETH. Buy and hold positions create a clear bias in the opinions of traders and we have seen the effects of to many people holding and talking up a currency. What I will do is trade it, make money from it and share my thoughts with you.
Follow for more Dollars and Sense.
Please feel free to open questions below and they will be answered.
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This trade will be updated as we reach the top of yesterdays bar to update you when we have entry level open.
All trades will be updated when targets are reached, when the charts are telling us to collect profits and when we should buy more.
Rest assured I'm here to help guide you so as a team we all earn! Charts tell a story I will read the book to you all.
We are winners we are not losers, its just dollars and sense.
Enjoy.
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Hi Traders,
Sorry for delayed response as you can see trade has passed buy point of $876.00 meaning breakout confirmed so you can open positions if haven't already.
When I posted this the chart was at $850 but we could not open a position until the breakout was confirmed at 876.
Trade is active if you had of purchased at my buy level you will already be in a nice profit.
Enjoy your profits!
First target $960.00
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ETH is still moving strong this is looking good. Enjoy the profits, remember always run a trailing stop loss on trades.
Stop loss was listed at $770, i have moved mine up to entry level now.
Once we reach first target I suggest collecting some profits and lifting your stop loss again whilst we aim for target 2.
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ETH is remaining quite strong even with the Bitcoin on the move.
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ETHUSD is fast approaching our first target. Lets remember to bank some profits anywhere from here to 960. Its always a good time to bank some profits.
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Still edging towards a first profit, slow moving but going in our direction so i am okay with it
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Target 1 has just been achieved, since the buy in we have now gained a 10% return.
Lets make sure we bank some profits.
Move our stop loss to a tighter position so we don't have to sit in front of the screen all day.
Enjoy the weekend we are earning and we have set stop loss in a safe position so we can now move forward risk free with a guaranteed profit in the bank!
I will keep this post updated as we move towards target 2.
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Our first Trade and what a nice simple, profitable start
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Great to see our level still hold on this despite the big recent sell off. We have a nice decisive buying bar forming and another D chart buy here looks possible.
@SorinBlajan, Thanks for your support and following
SatoshiKnows11
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@DollarsAndSenses "Please note: I don’t have and will not be taking any Buy and Hold positions on ETH. Buy and hold positions create a clear bias in the opinions of traders and we have seen the effects of to many people holding and talking up a currency. What I will do is trade it, make money from it and share my thoughts with you. " - I dont really understand what you mean here... can you explain this more fully? Do you not think buying and holding is effective or can be effective? I've seen some incredible ROI stats for instance... or buying say Jan 2017 and holding till Dec 2017. Just curious on your opinion on this... seems the entire market is going to (most likely, of course we never know) go up, so thought buying and holding could be a good strategy.
DollarsAndSense
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@CryptoBling99, Hi CryptoBling, yes it might be a strategy used for some, I would prefer to trade, example the 10% profit generated above someone holding may lose this next month, next week or even tomorrow..... So the question is do you want your funds tied up into a volatile investment that has the ability to move 30%+ in either direction any day of the week?
I would prefer to trade the charts and collect the profits so i can use them to make more money on other opportunities. You must enjoy profits and you must collect profits.
Long holders can go up 10 times on a coin over a month you hear these wonderful stories, but most of the time they don't sell then the following month is was just a story, and they are back to where they began. Where I would of traded the charts and collected profits so I would be the winner VS the person holding on for dear life. I don't know about you but I enjoy getting paid, I do not hope I get paid I guarantee I do by trading.
Each person has a different strategy but I choose the most profitable which is trading.
SebVojvoda
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Dear &S, with how much % of the profit should we exit on a trade when the first target is reached? I know is individual, but what is an usual strategy... like 25% of the profit on each target or?
Thank you very much. ..apreciate your knowledge and help...
DollarsAndSense
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@SebVojvoda, Hi, this really depends on how the trade looks at the time of the target so I wouldn't like to comment a percentage here. However in the current market situation don't be afraid to be drawing good volume out at targets. You can also hold in and and just move up your stop loss to the top of target.