Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/03/10

Hi guys! I will be sharing the trades that I take in real time, follow to see how my trades work out!
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Market Overview

• Price Action: Ethereum has been rallying strongly for the past few days, reaching a high of almost $1880. It has just, along with Bitcoin, experienced a flash crash and is now at the 200MAs. The key question now is if price can hold here at the 200MAs and bounce back up or if we have another leg down after some consolidation at the 200MAs. If we get a strong close above $1825, we will be looking for confirmations for taking a long trade.
  
• Chart Patterns: N/A
  
• Areas of Interest: The area(s) of interest for me are the highs @ $1880. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time.
  

Trade Setups
Below are the potential trade setups that I would be interested in trading:

Long Trade Setup #1: Breakout and Continuation
1. Price Action: Price breaks above and falls back down to 1880and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming

Short Trade Setup #1: False Breakout
1. Price Action: Price breaks above and then falls below the high @ $1880, forming a bull trap
2. Trade Entry Confirmations: A breakout candlestick followed by a breakdown candlestick, above average volume on both breakout candle and breakdown candle, MACD topping out

My Recent Trades

• 2021/03/05: I had a winning trade! I entered a long @ $1,540.0, with Stop Loss @ $1,522.4, and price reached a high of $1,670.0, giving a risk reward ratio of 7.4:1.
  
• 2021/02/21: I had a losing trade. I entered a long @ $1,970.0, with Stop Loss @ $1,868.6, and stop loss hit.
  
• 2021/02/20: I had two winning trades! I entered a ETHBTC long @ 0.035325, with Stop Loss @ 0.034577, and price reached a high of 0.036682, giving a risk reward ratio of 1.8:1. I entered another trade ETHUSDT trade long @ $2,003.1, with Stop Loss @ $1,965.6, and price reached a high of 2,022.0, giving a risk reward ratio of 0.5.
  

DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I am simply sharing what I am doing, and I will not be responsible for any actions you take based on the analysis and comments that I provide. The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!

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