Quick re-cap on the long position that I closed @ midnight EST last night:
-I was hoping that price would break out beyond downward slopping trendline @ $1745, but could see pressure slowing
- RSI on the 4HR TF was getting pretty overbought
- no re-test of the 50SMA on the DAILY TF since we broke above it on Sept 9
I decided to take profits on the 20 ETH @ $1738.35 for these reasons, and so far so good.
Now why tf are we looking at a 15 MIN chart? Like I said before, the lower TF charts will tell us what is going to come to the higher TF charts.
Things to note on the 15 MIN:
- 9SMA turned DOWN & crossed BELOW the 21, 50 & 100SMA & remains below them all
- price action is below the 9 & finding resistance at it @ $1721
- next support on 1HR is @ 200SMA $1693 - $1700
As I posted last night, my buy orders are set @ $1675, $1690 & $1705, BUT what I'm really looking for is the 9 to turn back UP with strength & that is when I will likely jump back into position.
This is why patience and TA are so important.
Always trade the charts, not the emotions. DYOR, block out the hype.
-I was hoping that price would break out beyond downward slopping trendline @ $1745, but could see pressure slowing
- RSI on the 4HR TF was getting pretty overbought
- no re-test of the 50SMA on the DAILY TF since we broke above it on Sept 9
I decided to take profits on the 20 ETH @ $1738.35 for these reasons, and so far so good.
Now why tf are we looking at a 15 MIN chart? Like I said before, the lower TF charts will tell us what is going to come to the higher TF charts.
Things to note on the 15 MIN:
- 9SMA turned DOWN & crossed BELOW the 21, 50 & 100SMA & remains below them all
- price action is below the 9 & finding resistance at it @ $1721
- next support on 1HR is @ 200SMA $1693 - $1700
As I posted last night, my buy orders are set @ $1675, $1690 & $1705, BUT what I'm really looking for is the 9 to turn back UP with strength & that is when I will likely jump back into position.
This is why patience and TA are so important.
Always trade the charts, not the emotions. DYOR, block out the hype.