ETH/USD Possible Failing Wedge Breakout Incoming
ETH will soon be testing the all-time-high trend line. If it manages to break through the top green line of the failing wedge, expect a retest of this top line before moving upward in earnest.
The ideal entry would be as close to the top of the failing wedge line as possible on the retest. If a retest doesn't happen, then enter after the next correction.
Side note: The failing wedge could also be known as an ending diagonal Elliot wave pattern. I'm not a strong believer in Elliot Waves but I do use them to help me identify the end of a trend.
The ideal entry would be as close to the top of the failing wedge line as possible on the retest. If a retest doesn't happen, then enter after the next correction.
Side note: The failing wedge could also be known as an ending diagonal Elliot wave pattern. I'm not a strong believer in Elliot Waves but I do use them to help me identify the end of a trend.
Comment:
As you can see the price came down and hit the dark blue line perfectly. We got our retest and a perfect entry at 198. The blue line is little hard to see, you'll need to highlight it with your mouse cursor to see it. Sorry for the poor color choice.
Trade closed manually:
Breakout happened however ETH was unable to pass local resistance. Took profit due to this display of price action weakness.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.