Ethereum Trading Plan for 6-7 Feb
My view on Ethereum today is extremely bullish. But overall I am expecting it to give a good move on either side which I am sure would be caught by my system. Here's what it looks like:
In this chart of Ethereum I have marked 4 price levels which have been determined based on a proprietary calculation that I have developed. The zone between the top-most and bottom-most price levels is a strict "No Trade Zone".
If Ethereum's price crosses the top-most price level, we will be looking for long opportunities and if Ethereum's price crosses the bottom-most price level, we will be looking for short opportunities.
Entry criteria:
Bullish case: Enter as soon as a 5-minute candle CLOSES above the top-most price level.
Bearish case: Enter as soon as a 5-minute candle CLOSES below the bottom-most price level.
Stop Loss criteria:
Risk: 2% of capital of per trade.
Bullish case: Just below the second price level from the top.
Bearish case: Just above the second price level from the bottom.
Take profit criteria:
I personally follow a system wherein I do nothing until 1:1 RR is achieved. But post 1:1 RR is achieved, I adjust stop loss to cost. I then exit 1/3rd of entered quantity based on 5 minute candle close below ( bullish case) or above ( bearish case) 15 EMA . I exit 1/3rd of entered quantity at fixed take-profit level of 1:3 RR. And I exit the final 1/3rd of entered quantity based on a system of setting stop losses that are dynamically adjusted to the nearest retracement after a Day High Breakout (in bullish case) or Day Low Breakout (in bearish case).
I have also experimented with systems wherein you can set take-profit at a fixed level of 1:3 RR or alternatively after 1:1 is achieved book full quantity vased on 5 minute candle close below ( bullish case) or above ( bearish case) 15 EMA . Both of these alternative systems have also been profitable.
Please note the given zones are valid only until the end of the day. Any open positions must be closed by 05:25 AM IST which is around when the day is about to end in the cryptocurrency markets.
Also please note: according to the rules of my system, I don't take more than 3 trades per day on any asset.
In this chart of Ethereum I have marked 4 price levels which have been determined based on a proprietary calculation that I have developed. The zone between the top-most and bottom-most price levels is a strict "No Trade Zone".
If Ethereum's price crosses the top-most price level, we will be looking for long opportunities and if Ethereum's price crosses the bottom-most price level, we will be looking for short opportunities.
Entry criteria:
Bullish case: Enter as soon as a 5-minute candle CLOSES above the top-most price level.
Bearish case: Enter as soon as a 5-minute candle CLOSES below the bottom-most price level.
Stop Loss criteria:
Risk: 2% of capital of per trade.
Bullish case: Just below the second price level from the top.
Bearish case: Just above the second price level from the bottom.
Take profit criteria:
I personally follow a system wherein I do nothing until 1:1 RR is achieved. But post 1:1 RR is achieved, I adjust stop loss to cost. I then exit 1/3rd of entered quantity based on 5 minute candle close below ( bullish case) or above ( bearish case) 15 EMA . I exit 1/3rd of entered quantity at fixed take-profit level of 1:3 RR. And I exit the final 1/3rd of entered quantity based on a system of setting stop losses that are dynamically adjusted to the nearest retracement after a Day High Breakout (in bullish case) or Day Low Breakout (in bearish case).
I have also experimented with systems wherein you can set take-profit at a fixed level of 1:3 RR or alternatively after 1:1 is achieved book full quantity vased on 5 minute candle close below ( bullish case) or above ( bearish case) 15 EMA . Both of these alternative systems have also been profitable.
Please note the given zones are valid only until the end of the day. Any open positions must be closed by 05:25 AM IST which is around when the day is about to end in the cryptocurrency markets.
Also please note: according to the rules of my system, I don't take more than 3 trades per day on any asset.
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