ETHUSD Ascending Parallel Channel Excellent Trading Opportunity
Similar to BTCUSD ETHUSD is also currently moving in a parallel ascending channel. Trade safe with stop loss outside the channel area near the top or bottom channel trendline depending on if you are short or long in your trade to protect youself against the possibility of the price suddenly breaking out against you and leave you with a hard to deal with underwater position.. In an upwards trending channel always better to just stick to long trades.
Comment:
Once you have a profitable amount that you are comfortable with start considering placing a stpp loss in profit so if it goes up more all good but if it reverses back down when you might be in danger of back in the red. There is no wrong choice here only that one option confirms your profitable trade and the other option you might see it back in the red and after your trade will be underwater. As for me I have a small trade and as such will keep the trade open even if it trends back down cause Id do strongly believe we have seen a bottom at 6400. But i have a small order so its an easier choice for me to make. It depends entirely on you. Good luck and have a good one!
