If we look at long term, we can see a pattern here. ETC needs to break above 19 with nice daily close - not just break through and retrace bellow it. Also starting point from where it breaks is important - we are looking for starting point as close to 19 as possible.
In the past it tried and failed twice (marked in red) - there was just break and then close bellow, staring point was relatively low. But it succeeded twice at points marked in green. Here daily close was above 19 and it started from higher level than before.
Currently we are in point of time when history could repeat :)
Trade setup:
wait for daily close above 19 and after that put buy order near 19 - in the past it re-tested this level every time. We'll define targets and stop loss later, but initial stop loss would be just bellow the start level from where it breaks.
Weekly chart for better visual representation:
In the past it tried and failed twice (marked in red) - there was just break and then close bellow, staring point was relatively low. But it succeeded twice at points marked in green. Here daily close was above 19 and it started from higher level than before.
Currently we are in point of time when history could repeat :)
Trade setup:
wait for daily close above 19 and after that put buy order near 19 - in the past it re-tested this level every time. We'll define targets and stop loss later, but initial stop loss would be just bellow the start level from where it breaks.
Weekly chart for better visual representation:
Comment:
19 level got broken, but no daily close yet. Let's wait few more hours and see what will happen,
Comment:
Finally got there. Order placed at 19.1 with stop loss at 16.2, targeting to 30.
Trade active:
At 19.1
Trade closed: stop reached:
Stop reached, trade closed.