Entering a small position here to see if there is continuation on ETH. Noting that it's the only name that reached previous high on the bounce. There have been 4 rejections on that level and price is hovering slightly below and further away from psych level + tested support. Position size is smallest here to risk less but reward is more favorable if there is continuation. Once price clears weekly resistance around 322 there is limited resistance to 330 (fib 161.8%) and just below 400 (confluence of fibs 261.1% and 23.6%). 420 is also a level of notable resistance historically.
*stats not added as this is a continuation trade from recent
ETHUSD W, showing fib levels and confluence. Also weekly limited resistance.
ETHUSD 1h, shorter-term trade plan overview.
ETHUSD 1m, interesting lower wick price action leading up to test resistance. Possibly selling large orders too fast and bots keeping up. *Reminder to self to start my algo trading course.
Trade Review
Stopped out of trade on the loss of support. This also appears to be a neckline of support. BTC ran the weekly candle close bullish then reversed. I've seen this before and seems intentional. I've had 2 losing trades in a row after the notable run up. This is now a different trading environment and will be patient for the next trade. I have to let the market develop, work with my current parameters, and or adapt.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-06-23 01:31:41 | ETH | buy | $311.940 | long |
2019-06-23 17:17:51 | ETH | sell | $300.000 | 0 |
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