Taking A Step Back

KRAKEN:ETHEUR   Ethereum / Euro
Whenever the market does not AT ALL act as expected, it is time to step back, cut the bias and have a fresh & adjusted look at the situation. As far as the ETHEUR chart is concerned, these are the results...

The wick down on Oct 29th was as violent as it was useful on two different levels. First of all, it must be taken as reminder that a healthy risk management is crucial. NEVER overleverage a position and/or set reasonable S/L. In a rather illquid market, such massive wicks must be expected at any time and should never lead to liquidation.

On the other (technical) hand, it has provided an important point of orientation. Connecting the two prominent wicks (08-02 & 10-29) and taking it as base line, we now can identify 3 BULLISH channels (black/orange/blue) and important support (low 9s) /resistance (10.88-11.33) areas.

And that is pretty much the plan. BUY in low/mid 9s (S/L 9.11) and SELL when hitting resistance. A local top around the yellow circle is to be expected.

Happy Trading!

(NEUTRAL since no active position, yet)
Comment: The new Monthly did not open exactly bullish... Let´s see how this plays out.

Comment: Idea as described remains valid for the time being...
Comment: Zooming in on the Daily, 9.34 is proposed as most desirable entry.

Trade active: Longed this here.

Comment: Entry target hit spot on...

Comment: Target: 10.80-11.00

Comment: Very bullish daily opening. Re-longing...

Comment: Pressure being built. Proper pop expected...

Comment: Flying penguin spotted...

Comment: Daily confirms bullish setup... To da Eeether!

Comment: Idea still stands stands as described...

Comment: New Daily looks very promising.

Related Ideas

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out