Short Term trade with pretty quick stop loss under prior support.
Considered the trade using lower support level as stop loss but I do not have enough confidence that we will make it over the 50 EMA in the short term to have that trade work out in a risk reward setting. I think this last break of ETHs trendline will pop back up and work itself out. As this is basically catching a falling knife, the stop is quick. My reasoning for this trade was support levels and short term MACD Divergence (which I should have put on the chart, now that I think about it... 15Min and under shows divergence).
Disclaimer: This is for education only. I am not an investment adviser, this is not investment advice. My charts are public mostly for my own mental benefit to keep me honest with my trading, stop losses, etc.
Considered the trade using lower support level as stop loss but I do not have enough confidence that we will make it over the 50 EMA in the short term to have that trade work out in a risk reward setting. I think this last break of ETHs trendline will pop back up and work itself out. As this is basically catching a falling knife, the stop is quick. My reasoning for this trade was support levels and short term MACD Divergence (which I should have put on the chart, now that I think about it... 15Min and under shows divergence).
Disclaimer: This is for education only. I am not an investment adviser, this is not investment advice. My charts are public mostly for my own mental benefit to keep me honest with my trading, stop losses, etc.
Comment:
Stopped out, obviously. Am going to wait to see how far this falls, it looks like 650 might be the next buy target... Wont try to catch that knife though, one lesson is enough for this week. The fact that this is falling back under the trendline of death is VERY bearish, but I am bullish on a fundamental basis. No position currently.
