ETHUSD Buy Demark Setup Perfection

Going Long ETHUSD -2.44% -2.82% with a Demark Setup Buy Perfection signaled on the 12 hour chart and a move above the high of the 9 bar at 415.89

-Long at 415.89 or better (got filled Saturday morning at 405.96)
-Stop with a *12 hour bar close* below 399.13 (the 12 hour candle must close below this level to signal liquidation, merely going below does not stop me out of this trade).

Currently BTC as below 7000 but sitting on the 61.8 level for support, 6500 is the next support if it doesn't turn around here. This is weighing down all crypto at the moment. This weekend should be pretty volatile, try not to puke!

That being said, I am only focused on trading these Demark Setup Perfections as the backtests have proven exceptional.

Will look to add to this position if it moves in our direction.

Comment:

Nothing too exciting to see here.
Entire crypto complex putting in a bit of a low here on Sunday morning (West Coast USA), but that's just the normal fluctuation of this setup.

Demark Setup Perfections happen, by design, after a big move in one direction. It is the point where sellers (in this case) are done selling, they've exhausted their position and are now flow or if short sellers are looking to take profits.

It does take a bit of work to turn an asset around and head in the other direction when you've had these 9 consecutive red bars so sideways with a slight tilt towards the existing direction (down) tends to be a common characteristic of these setups.

This is a reversion to mean strategy

Comment:

Stopped out on 12 hour close below stop level
Sitting on cash no long or short position here