It has been a while since our first and last trade but we're at it again with another nice Flag Break trade setup on GTO/ETH at Binance.
To give you some context, the goal with our trading on our Binance account is to increase our ETH. At the beginning of this month, we started with 4.49 and after our first trade that grew to 4.8.
Today we saw a quick trade opportunity on on GTO/ETH at Binance. After a huge run yesterday it consolidated on light volume and found support around 40.500 while forming a flag pattern.
Trade Plan:
Enter trade when the flag is broken
Trade Management:
1. Entry: After flag break, above moving averages (12 and 50 on 3m timeframe) for higher probability.
We missed the initial break of the flag but got in when price started running again at 45.197.
2. Profit: Usually you can take 1/3 - 1/2 of initial run as profit target/exit if you have the patience.
But since we saw some big sell walls in the order book and we're satisfied with a decent quick profit, we decided to take partial profits just before the big sell walls.
Sold at:
1. 47.989
2. 48.979
3. 49.769
3. Stop: -2.5% of entry, 44.067
4. Profit: 7.8%
With this trade our ETH's grew from 4.80 to 5.17.
Please like and share if you found this informative and helpful. Leave a comment if you have any questions.
Leave you with a quote:
"It's not the daily increase but daily decrease. Hack away at the unessential"- Bruce Lee
And until next time, good luck with your trading.
To give you some context, the goal with our trading on our Binance account is to increase our ETH. At the beginning of this month, we started with 4.49 and after our first trade that grew to 4.8.
Today we saw a quick trade opportunity on on GTO/ETH at Binance. After a huge run yesterday it consolidated on light volume and found support around 40.500 while forming a flag pattern.
Trade Plan:
Enter trade when the flag is broken
Trade Management:
1. Entry: After flag break, above moving averages (12 and 50 on 3m timeframe) for higher probability.
We missed the initial break of the flag but got in when price started running again at 45.197.
2. Profit: Usually you can take 1/3 - 1/2 of initial run as profit target/exit if you have the patience.
But since we saw some big sell walls in the order book and we're satisfied with a decent quick profit, we decided to take partial profits just before the big sell walls.
Sold at:
1. 47.989
2. 48.979
3. 49.769
3. Stop: -2.5% of entry, 44.067
4. Profit: 7.8%
With this trade our ETH's grew from 4.80 to 5.17.
Please like and share if you found this informative and helpful. Leave a comment if you have any questions.
Leave you with a quote:
"It's not the daily increase but daily decrease. Hack away at the unessential"- Bruce Lee
And until next time, good luck with your trading.