We have a clear long setup in Ethereum. A low volume selloff after the uptrend expired and we reached some hysterical highs. Current setups implies that if this bar doesn't reach the bearish target signaled by the box before it closes, it's possible to see price reverse from here. I labeled the range expansion bars on the daily (which looks like a perfect uptrend to me so far), and the stop loss level for the last one, as well as take profit (65% chance long trade). I also labeled the 4h range expansion bars, the light green and red ones, bullish ones are all working, which is a good sign. I'm buying and building a large position, aiming for 0.012 or higher, but need to see more proof by price building a mode higher, with 16 bars or more at one price.
Great to see that you are looking at ethereum too! One question what do you mean by the higher mode/ 16 bars comment? do you mean you rather hold on opening the long until the price has made a higher high, AND stabilised for 16 4-hour bars up there? Am i understanding this correctly?
Also, where can I find a detailed explanation of Tim's time at mode methodology?
IvanLabrie
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You can aggressively buy support, but confirmation of a new rally will come when we see price form a new 16 bar horizontal level, higher than the first. And a breakout from it.
Tim has plenty of educational charts, I'm afraid that's as good as it gets. I've spent a lot of time, learning from him, hanging out at his key hidden levels chatrooms.
Definitely worth your time.
IvanLabrie
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Working beautifully.
IvanLabrie
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moorekapital
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Great job so far. Now , We simply need ETH above the mode 0.00667 !
IvanLabrie
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Very nice reaction to the time at mode downtrend failure.
Bigger than the previous one but still not convincing enough.
We can continue to play this range, if it retraces above 0.00454, we can go long and close at 0.0052 to make some money.
minhthanhqnv
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I bought at 0.00460 and sell 0.00560
according to the price you have to continue to go up, or down?
IvanLabrie
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See updated idea.
IvanLabrie
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Nice range expansion in the last 4h bar. We might get a rally from this level soon.
Also, where can I find a detailed explanation of Tim's time at mode methodology?