Please drag your curser over the anchors to see the notes.
The 20SMA did not hold and we are trading SIDEWAYS BELOW the 20SMA. Furthermore, it is also important to note that we are trading SIDEWAYS AFTER a new higher high ($636). Usually, but NOT ALWAYS, just usually this is followed by a pullback in price.
At this current moment we do not have any indicators clearly pointing to upward pressure on the SHORT time frames, therefore I am labelling this position as SHORT. For short term swing trading, I would wait to get in at a lower entry point around one of the established fib retracements.
However, on the long-term timeframes I remain bullish until proven otherwise. See below the previous idea wrt 20SMA.
Please hit 👍 Many thanks Ev
Trade active
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Bounced up temporarily from the 50sma and the 0,38 fib line might be our support. But it's not over, keep watching the chart indicators
Trade active
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As per my post - ETH found support and bounced off the 0,5 fib line. But the short term bear run is not over, we might test 0,5 again and if it doesn't hold for a third time, we will drop to halfway $550 and if that doesn't hold, then fib 0,618 $540.
Nicely done!!! May I ask you a question about your strategy? Didn't you find MACD so slow?? I mean when it comes to giving you some long/short signals it has a lot of delay..
I've written an educational idea about "How To Trade With Volume Profile???".
Click on the chart below to check it out:
BlockTechEv
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@ArshiaZojaji hi there. Some indicators are leading and some are lagging. I like to use multiple indicators on multiple time frames to confirm a trend. I only show one or two, otherwise my charts would look like a coloring book! During sideways trading, signals become noisy. In this case I choose to show a MACD, lagging, as it is used to provide signals once the two lines have crossed each other. Pretty easy to confirm a cross in two lines and MACD remains a favorite amongst many top traders. If you have looked at some of my other charts, you'll see my favorite leading is StockRSI. However, leading/lagging indicators are by no means 100% accurate, which is why they are often combined with other forms of technical analysis such as chart patterns. Thanks for asking about my strategy, hope this clears it up.
ArshiaZojaji
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@BlockTechEv, Thank you for giving me your time to tell about your strategies, it's really nice of you.. I agree with your point of view, but at the same time, I believe each trader should reach and have they own strategy. If the trader fills ok with that strategy and he/she is gaining profit, the trader should stick to it..
Nice conversation, thank you again..
BlockTechEv
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@ArshiaZojaji very true! May your strategy bring you many profits 👍
I've written an educational idea about "How To Trade With Volume Profile???".
Click on the chart below to check it out: