Ethereum has been a difficult pair to trade as it's been very Bullish during the past months. I've waited for a decent retracement wondering whether or not I should just jump in before I miss the boat. 8 years of trading has taught me some tough lessons. One of them is to be extremely patient and wait, even if it takes months for price to meet your plan- just wait. This had made the difference between my passion costing me because of my lack self control to a trader who consistently profits.
The Channels tell us the story and paint a good visual to how price may play out during the next few months.
So my Bias is fundamentally long.
Over the next few weeks maybe 2 months I am short on this pair - this does not mean I will short I will wait until my Bias is proven by price action when price falls to support and we see a change of trend on a 2 hr /4hr chart.
We are at the nadir of this pair the fib levels don't lie and the digital asset charts tell me that profit takers the Bears are here.
Profit targets = 200% extension of last wave (fib)
= 476.40% extension - 1st corrective wave after rise
= 400% extension of move fib
I will wait for Ethereum to come back to the two levels of support.
I prefer the deeper retracement 524 for a full position.
I will scale in 1/2 at the 1st level.
The Channels tell us the story and paint a good visual to how price may play out during the next few months.
So my Bias is fundamentally long.
Over the next few weeks maybe 2 months I am short on this pair - this does not mean I will short I will wait until my Bias is proven by price action when price falls to support and we see a change of trend on a 2 hr /4hr chart.
We are at the nadir of this pair the fib levels don't lie and the digital asset charts tell me that profit takers the Bears are here.
Profit targets = 200% extension of last wave (fib)
= 476.40% extension - 1st corrective wave after rise
= 400% extension of move fib
I will wait for Ethereum to come back to the two levels of support.
I prefer the deeper retracement 524 for a full position.
I will scale in 1/2 at the 1st level.
Trade closed: target reached:
Our first target has been reached and price has responded. This pair is now bullish.