Possible long trade on ETHBTC (Daily)
Although I'm longtime bearish on alts, I need to keep my eye open to things developing on the charts.
And looking on the charts of ETHBTC it looks as if a classical 5 wave up is forming.
Wave 1 completed and wave 2 gave us a nice 0.382 reversal with a peak to 0.5 (Take note that I reversed the fib to get the target of the next move up)
Breaking the close of the former high might give a nice entry @0.0216 with an SL @0.0208. The stop loss is based on the current level of the 13 MA and might become
even tighter when time passes. The target is set @0.0250, which nicely coincides with some former resistance. That's the way I like it.
This trade, when successful will yield a Risk:Reward of 4.25, well above my Risk:Reward bottom level of 3, which I'll need to enter trades.
Alternatively one could choose a more conservative entry @0.0222, but with target and SL at the same levels as stated above this will only yield a Risk:Reward of 2 if the
trade is successful, and that is below my minimum of Risk:Reward = 3. However if waiting for the last high being broken one could choose a tighter stop and improve the Risk:Reward.
Disclaimer:
This is no trading advice. This is just an idea what might or might not happen. Trade at your own risk, do your own analysis. You alone are responsible for your trade decisions.
And looking on the charts of ETHBTC it looks as if a classical 5 wave up is forming.
Wave 1 completed and wave 2 gave us a nice 0.382 reversal with a peak to 0.5 (Take note that I reversed the fib to get the target of the next move up)
Breaking the close of the former high might give a nice entry @0.0216 with an SL @0.0208. The stop loss is based on the current level of the 13 MA and might become
even tighter when time passes. The target is set @0.0250, which nicely coincides with some former resistance. That's the way I like it.
This trade, when successful will yield a Risk:Reward of 4.25, well above my Risk:Reward bottom level of 3, which I'll need to enter trades.
Alternatively one could choose a more conservative entry @0.0222, but with target and SL at the same levels as stated above this will only yield a Risk:Reward of 2 if the
trade is successful, and that is below my minimum of Risk:Reward = 3. However if waiting for the last high being broken one could choose a tighter stop and improve the Risk:Reward.
Disclaimer:
This is no trading advice. This is just an idea what might or might not happen. Trade at your own risk, do your own analysis. You alone are responsible for your trade decisions.
Trade active:
Entry triggered
Trade closed: stop reached:
Unfortunately a losing trade