If break out upward from this previous triangle fails/'busts' and lower trendline breaks then a short opportunity will arise. What we are looking for is a daily close below long term upward trendline. If this occurs, price will also be below 38% fib from local low to high. Target is daily volume profile node or lower. Short can be risked off a higher high + break of the new daily wedge.
Caution should be taken because stop is not tight. Short should not be taken unless bearish on fundamentals as it will be held extended period.
Caution should be taken because stop is not tight. Short should not be taken unless bearish on fundamentals as it will be held extended period.
Trade active:
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Entry @ 13.72 taken
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Current price, 10.91, could be good place to take partial profit. Holding full position for now.
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Holding this short is pretty concerning to me because BTC looks strong and EOS likely to follow.
Broke downward trendline today. I will hold the short.
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In retrospect the daily bull div on 7/14 would have been an excellent place to close the EOS short. I was out of town and did not see it confirm.
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Thought again that the daily bull div (also throwback) was great place to close this short. Seeing comment above I realize I was out of town when that happened- that makes sense. I like to think I would have closed it :)
Anyway- we have an inverse head and shoulders formed and we should close our short if it breaks the neckline:
Stop loss set at 9.3484
Anyway- we have an inverse head and shoulders formed and we should close our short if it breaks the neckline: