Consolidation breakout: lower low below support (now turned to resistance imo)
Decent R/R
Cosolidation = H&S in this case. But me personnaly don't like such an obvious cliche. Better call it consolidation simply.
Decent R/R
Cosolidation = H&S in this case. But me personnaly don't like such an obvious cliche. Better call it consolidation simply.
Order cancelled:
Decided to cancel the trade (close manually) at break-even.
Why?
1) After a first successful attempt to print new lower lows (.031) on 24, September I don't see any significant pressure during 3 consecutive weeks. Momentum is lost.
2) Failure to break 0.031
3) Price is in triangular consolidation for 3 weeks.
Better to stay on the sidelines and wait for a directional breakout:
a) If the price breaks down (wide spread, significant volume), then I'll short it with a target of 0.027
b) in case of break-up the market will present a good opportunity to long ETH to 0.037-0.038, and probably a previous high will be tested.
Why?
1) After a first successful attempt to print new lower lows (.031) on 24, September I don't see any significant pressure during 3 consecutive weeks. Momentum is lost.
2) Failure to break 0.031
3) Price is in triangular consolidation for 3 weeks.
Better to stay on the sidelines and wait for a directional breakout:
a) If the price breaks down (wide spread, significant volume), then I'll short it with a target of 0.027
b) in case of break-up the market will present a good opportunity to long ETH to 0.037-0.038, and probably a previous high will be tested.
Proly will see nice entry level from R/R viewpoint.
Eventually, Trading boils down to the ability to view clearly right setups from R/R perspective and a probability direction. And it doesn't matter are you right or wrong in each trade. The only thing that matters is your winrate and profit/loss ratio.
p.s. loss = always constant