Live Trading 5: EOS - Losing trade
Beginning of week 2 has been marked with a losing trade. I have been watching EOS closely for the last week or so and have been really impressed with the performance of this coin. After observing EOS retrace and forming a bit of a support level at 195000-ish satoshi level I assumed it has paused to catch a breath before rallying again as bullish pin bars could have been observed. I was fully aware of the possibility of it slipping even further as it's run has been nothing short of impressive so I placed my stop at 183000 and my take profit target was at around 237500 satoshi level. This is how the setup looked like.
Unfortunately, it turned out EOS was not yet ready to rally again and retraced even further overnight activating my stop.
My assumption that EOS is going for a reversal was incorrect. We'll see how EOS behaves in the next couple of days and look for other setups. Result is a losing trade with just over 6% loss.
This trade is part of my 20$ challenge. You can read about it here:
https://steemit.com/cryptocurrency/@andrius1/20usd-challenge-week-0-introduction
https://steemit.com/cryptocurrency/@andrius1/20usd-challenge-week-1-profit-of-usd22-65
Regarding our conversation from the other post, I've got an idea...
If you can post that second chart again without all the annotations and indicators I'll do a complete post and explain it from a price action traders view (ie the way I trade). It might be useful for you, another point of view to consider.
I just need the price chart though, no RSI, Volume, MA, just the candle chart on its own.
1h chart
4h chart
thanks, I'll write something up and tag you in it, might be a day or two because it'll be a long post :-)
I'll be waiting patiently :) Thanks for taking this on @tradergurl.