Shorting $EOS, simple but effective break out trade

I haven't really followed the EOS hype but this looks as a shorting opportunity to me.
Made a high a while ago in a 5 legs upcycle and now in an ABC correction. Didn't manage to make a new high in the latest upmove which looks to me as the B leg.
Bearish divergence in that latest upmove (on 240m chart), which is a clear sign it is loosing momentum.

How to trade: wait for a breakout to the downside and the retest (see link below if you're not familiar wiht break out trading).
Once retest fails, you can open short positions and hold to C (determined with Fibonacci Extensions).
If current move up (the B-leg reaches higher, C will also be a bit higher) but I will update if that happens.

Simple but effective set up, just wait for the break down. If it doesn't happen, just move to the next trade.

Happy Trading!

Komentar:

This is why you should wait for the retest of the breakout, it went a little below the trendline but immediately bounced

Coud go more higher and even make a 5 legs structure before a bigger correction. If so, final target will allso be a bit higher

Trade aktif:

Price broke down and already hit first short term target.
Depending on the strenght of alt markets, we might see a bounce from here of just continue to the downside.
A bounce would be good opportunity to add to your shorts.

Komentar:

Bounced on the .5fib level (correction of the whole upmove).
Expecting some consolidation or bounce before next move down to at least the .618fib level.

Komentar:

Trade closed yesterday when it didn't break .5 fib level.
Watching the bounce to open new shorts

Komentar:

ON track for 2nd target

Komentar:

LOL, wrong chart

Komentar:

2nd Target reached

Komentar:

Seems to be heading for that final leg down

Komentar:

Target reached