Gents, for a trading subreddit, I see very few examples of HOW people trade ETH. In fact, most of the advice is to NOT trade.
Backstory: I am fully invested in ETH and have no plans to add to by hodl stash. However, I thought it would be interesting to commit some funds to a trading experiment. I day-traded stocks for about a decade back in the 90’s and 2000’s and have a pretty good basic understanding of TA. That being said, I agree with many that TA does not apply particularly well to the crypto space. However, I have gleaned on to one indicator: RSI (14) (momentum oscillator). Due to the nature of ETH, I will set the following simple rules:
• Start with $5,000 USD – trading with Gemini (US)
• RSI Project Buy: when the 1 hr chart, purchase when RSI > 66.67.
• RSI Project Sell: when the resultant position experiences a 2-3% price drop depending on market action.
• RSI Project Sell: when the 1 hr RSI goes below 66.67
That’s it. Trading to commence when my wire pops into my account later today. I will post entries and exits over the next 30 days and share overall running results. I have my doubts that this will yield anything higher than holding, but will be a fun exercise.
*Note: As of this project induction, price of ETH is $224 (USD/Gemini)