Crypto Just for Fun

Trade 2: Short ETHUSD @ 265 (2/24/20)

Just a quick scalp.

Looking at a fresh analysis of ETHUSD, I decided to go back in for another short. Why didn’t I let it ride yesterday? Well, I took profit early and slept well. That’s why.

Setup. On higher timeframes, there still exists a gap between the mid $260s and around $227, which was the last pause in the last bullish run. I believe the markets are overdue for a pullback before a big move up, but am also fairly certain there is sentiment to see BTC over $10K, ETH closer to $300, etc. This will be a fast short with aggressive Stop Losses placed along the way. Not a terribly efficient setup, since there’s a lot more trade maintenance to do this way, but it’s good intraday trading practice. I’ll be looking around $260-262 for a quick scalp, but am ready to watch it drop lower.

Entry. Short 1 ETHUSD @ $265 with 5x Leverage; Stop Loss at $267, Take Profit at $262.

The market did climb after filling the order, but only to about $266, which is where my trendline predicted it would stop. From there, the price started breaking down, to a low of $262.25, as I monitored the position. I did some quick calculations, and practicing the metered approach I’m trying to take this go-round, determined that I could Stop Loss at $262.50 and have met my profit goals for the week.

Profit… in principle.

Exit. I was Stop Loss-ed out at $262.72, and the price continued to climb in the short term. By opening with a limit order, I saved on fees and netted a tiny profit of .51% ($1.35). However, doing so means that I met my weekly goal and can now be extremely conservative with the remaining time I have ahead and ONLY trade hot setups.

1 reply on “Trade 2: Short ETHUSD @ 265 (2/24/20)”

Love being right. Even if I stop lossed very aggressively, I cleared my profit. And then the market confirmed my analysis just long enough for me to regret an early close. Oh well.

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