The chart should explain itself, I think. I did a rather extensive analysis on ETHUSD in previous posts, estimating a good place to start a long position around around $540, with a possible bottom of wave 2 of the present degree between $500 and $450. Even though that bottom didn't come into play as deeply as I had expected (bottom was at $503), I still built up a long position in that area using small bites.
I will not be trading the waves drawn here myself, for the very simple reason that I do not like trading on too low timeframes. I'll be holding my present long position until the end of the wave 5 shown here, with a target of $650-$670. I will then reverse into a short position, riding the wave 2 of a higher degree down.
For more information regarding my previous ETHUSD analysis, I'd like to refer to this:
I'll be updating the more extensive analysis later on to reflect the price action over the past weeks.
Happy trading to all! You know the drill: these are my personal thoughts and reflections, and whatever you do with these is entirely your responsibility. :-)
I will not be trading the waves drawn here myself, for the very simple reason that I do not like trading on too low timeframes. I'll be holding my present long position until the end of the wave 5 shown here, with a target of $650-$670. I will then reverse into a short position, riding the wave 2 of a higher degree down.
For more information regarding my previous ETHUSD analysis, I'd like to refer to this:
I'll be updating the more extensive analysis later on to reflect the price action over the past weeks.
Happy trading to all! You know the drill: these are my personal thoughts and reflections, and whatever you do with these is entirely your responsibility. :-)
