Trading 5 Minute ETH Candles All Day
With ETH looking good from the onset of my day I dialed in on the 5 minute candles and noticed a nice pattern near perfect for trading.
Normally I trade momentum which requires a couple of signals to flash, however today I departed from that strat in order to just trade the bounces off the 200 EMA.
The pattern started the day with the 200 acting as resistance but once this was broken it became a support and has held for most of the day. With a departure from my regular strat I've tightened the stop limits to protect myself from myself.
Pattern Reversal
ETH went on a tear just after midnight my time and after coming back to earth you can see the 200 EMA was resistance. 1, 2, 3 bounces as resistance and then a break through to upside. After which point it would bounce off the 200 EMA about 6 times throughout the day each with an opportunity to make some gains.
I don't think I've ever traded off the 200 EMA like this before, normally I have a 20 EMA in there to help signal a reversal of momentum.
Anyone else ever trade off the 200?
I'l have to watch for this more often. I don't even remember why I had a 200 EMA on there, maybe I added an extra 0 by accident recently.
Anyway back to your regularly schedule program, nothing much to see here.
Greed & Fear
Unfortunately we are now back into extreme fear territory, apparently at least for some, not my first rodeo, thankfully.
$2300 ETH is fucking awesome!
Sure it's not $4200 ETH but that's just some inanity right there, things need to come back to earth for a while. Good to see DeFi is pumping again, and even if things go lower for the next couple years just look at how far we've come!
Ciao for now,
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