Fresh look on ETH for possible short in to 4H demand zone
Hello traders, I'm back at the markets after a long walk in the woods to clear my head.
I'm looking for ETH to make a downwards move from the triangle supported by volume on 1H timeframe, afterwards we are looking to enter a short position on the retest of 1540 levels to ride the downside towards 1370 level (4H demand zone) with stops in place above previous spike upwards (at the moment 1561.5).
Patience is needed, we need to wait for the market to make moves before we enter, unlike in the morning where I got stopped out twice because I was impatient.
I'm looking for ETH to make a downwards move from the triangle supported by volume on 1H timeframe, afterwards we are looking to enter a short position on the retest of 1540 levels to ride the downside towards 1370 level (4H demand zone) with stops in place above previous spike upwards (at the moment 1561.5).
Patience is needed, we need to wait for the market to make moves before we enter, unlike in the morning where I got stopped out twice because I was impatient.
Comment:
High volume move to the downside is in progress. Limit orders waiting on 1539.95 level
Comment:
Price hit 1H demand zone (1488-1476), we are waiting for reaction from this level towards 1540. Afterwards I will watch the price on lower timeframes for trade entry.
Trade active:
Entered a small LONG position. There are signs on smaller timeframes (5min) that bulls are defending 1H demand area. LONG 1493 TP 1539.5 SL 1483
Trade closed: stop reached:
Spike took out my stop loss. No sweat because I didn't risk much
Comment:
Price started to move to out levels of interest (1540). Set up alerts and wait.
Trade active:
Market picked up my SHORT position, now all we can do is wait.