-Trade Based off of Data, not Emotions
-Same Input = Same Output. If you don't do the same thing consistently, how do you know what you are doing wrong?
-Patience. There will always be another trade, another setup.
Ethereum is testing the lower boundary of the and strong support. Previous resistance turns into future support, and this is the level we currently fidn ourselves testing. Not to be confused with hopium, let us just be very clear the the upside potential for continued momentum outweights the risk of breakdown at this level.
In simpler terms, we have a clear invalidation level below this current level of support. A daily close below that level would, as with Bitcoin , portent a re-test of previous yearly lows at 82. Similarly with BTC , I do not believe that the 100 level of support will hold again, thus why I have removed that line from my chart entirely. It's a non-entity now.
Our current levels of resistance are now the overhead Kijun-san, horizontal resistance (correspondent to the Tenken-san) at 140, and our liquidity zone/initiation level at 148. A reclamation of our first level of resistance is necessary at this time for a continuation trade. In the meantime, with a good R/R profile, I will attempt the counter-trend trade and buy the re-test of support on ETH.
~Manage Risk, Trail Stops, Lock in Profits~
Professional Mentors & Community for an evolving marketplace.
Proprietary Indicators and Strategies - Pathways to Profit Course.
Transparency & Honesty - Join our Free Community Today!