profghibli
Long

Elliott Waves + HnS Trending target Target + Long Term Log Trend

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETHUSD is most likely preparing for at least a decent ($100+) bounce, due to these reasons -

  • - We have most likely finished 5 waves down of something bigger,

    - We are hovering right above upward trending HnS target (drawn by the channel)

    - Right under that channel, we have a log longterm trendline support as well.


Target - 50% retracement of those 5 waves.

Stop loss around $450.

Comment:
The longterm logarithmic chart support line that I was talking about above (red line).
Comment: And if we zoom in:
Trade active
Comment: Both the trendline and the channel have failed to perform as well as I expected. The price is still hanging around their boundaries and we still most likely will see some upside movement currently but now my plan is to take 50% profit at $530s, setting a stop loss at the new, lower BE and then hold out the other 50% of the trade till $620s-$640s (50% retracement of the 5 waves shown above).

Also, yesterday I almost got stopped out (the price bounced literally $0.1 away from the stop loss) and to be honest this price action is not very comfortable to be in a trade now, I might have rushed into the trade too early.
Comment: Correction - the channel has FAILED to do anything at all, while the longterm log trendline is doing meh at the moment.
Comment: https://www.cnbc.com/2018/06/14/bitcoin-...

Well, that helps xD
Comment: Scratch selling 50% of the long at $530, selling only 25-30% there.
Comment: A good idea is to take part of the profit here @$530 (30 or 50% of the trade amount), putting stop loss either at $480 or your new BE for the rest. Next targets $580s and $620s.
Comment: Got stopped out,

Next support zone where I will enter long (if we reach there of course) is $370 (the equal leg area on recent EWs count) and $340s (an important longterm log trendline area).

Comments

look for reversal signs
before 340
Reply
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