ETH - Play the break out - sym triangle (possible bear pennant )
ETHUSD
We got a symmetric triangle forming with volume decreasing. My bias is we're going drop once we get to the end of this triangle but I won't let me bias affect how I trade this. I will be waiting for confirmation of either direction. Be careful of both bull traps and bear traps. We could easily wick up and come crashing down. Wait for a close above or below (ideally with volume)
Trade active:
Started to fall once we poked the upper trend line of our triangle.
This E wave channel is right on support, will be watching closely.
Comment:
My shorts stop got hit at 205. Sold the pump and will be remaining short. Still counting this as my E wave. Watching closely
Comment:
"E Waves (Wave E)
Wave E shows up as the last wave in horizontal triangles. It will often stage a false break of the trend line on the boundary of the triangle before the market takes off in the opposite direction. If the triangle was a Wave 4 in a rising impulse, it would instill a bearish conviction before the market shot up to produce Wave 5. Thus Wave E is often attended with emotional psychology playing against the investor."
Wave E shows up as the last wave in horizontal triangles. It will often stage a false break of the trend line on the boundary of the triangle before the market takes off in the opposite direction. If the triangle was a Wave 4 in a rising impulse, it would instill a bearish conviction before the market shot up to produce Wave 5. Thus Wave E is often attended with emotional psychology playing against the investor."