ETHUSDT pair is in Bearish Mood.
Lets take an advantage of ETHUSDT's bearish mood. Ethereum is making Lower Lows and Lower Highs on the chart. We can take entry on the trendline and 0.236 Fibonacci retracement level. The risk to reward ratio is 1:1.
Title: Shorting ETHUSDT with Trendline and Fibonacci Retracement
Symbol: ETHUSDT
Timeframe: Daily
Overview: Ethereum has been displaying a bearish trend with lower lows and lower highs on the chart. We can take advantage of this trend by shorting ETHUSDT with a combination of trendline and Fibonacci retracement levels. The risk to reward ratio for this trade is 1:1.
Entry Criteria:
Draw a downward trendline connecting the high points on the chart.
Identify the 0.236 Fibonacci retracement level from the recent high to low.
Enter the short position when the price of ETHUSDT breaks below the trendline and the 0.236 Fibonacci retracement level on a daily closing basis.
Stop Loss Criteria:
Place the stop loss above the recent swing high or the trendline, whichever is higher.
The stop loss should be triggered if the price of ETHUSDT breaks above the stop loss level on a daily closing basis.
Take Profit Criteria:
Place the take profit level at the recent low or the next significant support level.
Adjust the take profit level according to the risk to reward ratio of 1:1.
Exit the short position when the price of ETHUSDT reaches the take profit level.
Risks and Considerations:
This trade may be invalidated if the price of ETHUSDT breaks above the trendline and the 0.236 Fibonacci retracement level on a daily closing basis.
The price of ETHUSDT may experience volatility and may not reach the take profit level.
Always use proper risk management and do not risk more than 2% of your trading account on this trade.
Disclaimer: This is not investment advice. The script is provided for educational purposes only. Trading involves risks and it is important to conduct your own analysis and consult with a financial advisor before making any investment decisions.
Title: Shorting ETHUSDT with Trendline and Fibonacci Retracement
Symbol: ETHUSDT
Timeframe: Daily
Overview: Ethereum has been displaying a bearish trend with lower lows and lower highs on the chart. We can take advantage of this trend by shorting ETHUSDT with a combination of trendline and Fibonacci retracement levels. The risk to reward ratio for this trade is 1:1.
Entry Criteria:
Draw a downward trendline connecting the high points on the chart.
Identify the 0.236 Fibonacci retracement level from the recent high to low.
Enter the short position when the price of ETHUSDT breaks below the trendline and the 0.236 Fibonacci retracement level on a daily closing basis.
Stop Loss Criteria:
Place the stop loss above the recent swing high or the trendline, whichever is higher.
The stop loss should be triggered if the price of ETHUSDT breaks above the stop loss level on a daily closing basis.
Take Profit Criteria:
Place the take profit level at the recent low or the next significant support level.
Adjust the take profit level according to the risk to reward ratio of 1:1.
Exit the short position when the price of ETHUSDT reaches the take profit level.
Risks and Considerations:
This trade may be invalidated if the price of ETHUSDT breaks above the trendline and the 0.236 Fibonacci retracement level on a daily closing basis.
The price of ETHUSDT may experience volatility and may not reach the take profit level.
Always use proper risk management and do not risk more than 2% of your trading account on this trade.
Disclaimer: This is not investment advice. The script is provided for educational purposes only. Trading involves risks and it is important to conduct your own analysis and consult with a financial advisor before making any investment decisions.
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