TradingView Image
Hi traders,
After getting stopped out on this pair last night on the 15 minute chart, I decided to be more patient and set up a trade on the 60 minute chart on the ETC/BTC pair on Poloniex. Once the bullish harmonic crab pattern formed at the 1.618 extension and the RSI was overbought I decided that was a good time to enter a long position at 0.00359, but then I saw a double bottom!!
TradingView Image
These were enough cases for me to go long so I entered my position. I dig it when double bottoms form at the completion of the harmonic crab pattern. This is the Type 2 reaction and usually price makes a nice rally to the upside.
Note to Self: Crypto is very volatile right now especially ETC and ETH. Remember: minimize risk, set tight stop losses, take smaller positions than usual and baby sit the trade.
Entry: 0.00359
Stop Loss: 0.00335
Target 1: 0.004
Target 2: 0.00442
I hope you all enjoyed my trade analysis and feel free to ask any questions and comment. Remember to trade at your own risk and the number one rule of trading is to manage risk and protect your capital. Come find me at TradingView in the chat and feel free to look at my published charts here.
Happy trading everyone!
UDPATE:
Target 1 has been hit!!
and according to my trade plan I have closed 1/2 my position. I have raised my stop loss to secure profit for the remaining half of my position.
TradingView Image
Here is my published chart on TradingView Just hit the play button and you can watch the trade play out.
-Domavila-