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Long-setup

USD/JPY Potential long ideaAs we can see on the 4H timeframe the directional bias of USD/JPY is bullish. This structure has been creating higher highs and higher lows since last week. During this week, price has formed its way into a corrective structure where price has failed to make higher highs to continue the bullish momentum. However, we have not broken key levels to suggest a reversal to the downside so my outlook is still bullish. As a price action trader I focus on trading with the trend rather than anticipating a reversal, so I will be looking for price to break above the key level to confirm bullish sentiment is still in the market. However, in order for me to take this trade I will have to see price pullback and respect the key level before taking the trade to the upside targeting a 3R Trade.
Long
by josephms02
ETH Long setup and trading plan!Based on the 4H timeframe, COINBASE:ETHUSD is forming a nice and solid long setup. The macro picture Starting from March 2020, ETH is in the upward trend. In the past, this trend acted as solid support and so far it remains as a good support level. However, from the price level of $489.38 the asset experienced the downward impulse wave that was accompanied by the increasing volume. We are currently in the retracement after the impulse wave (Steady price increase on a low volume) and this supports the idea that Ethereum can be in a downward trend in a shorter term. The Local picture Currently, the price of ethereum is consolidating in a descending triangle. Most of the time the triangle consolidation is a continuation pattern and from the beginning of September 2020 the asset experience the upward trend. Trading Plan Based on the analysis, there is a higher probability that the price of ETH will increase. Therefore, we will be looking for a long position and this is the scenario that we believe is going to happen. 1) The price will continue its consolidation in the triangle for some time. 2) When the price will reach the last 1/3 of the triangle base, we believe that we will see the sharp and quick breakout into the green area ($348 - $355). This will be the collection of stops out of weak hands. The bottom of the triangle and the green area would be a good entry point for the long position 3) If The price will start increasing with the increasing volume we should expect the breakout into the opposite side to reach the area of $395 - $400. This is not only a key psychological level but also the point of control of the previous month. This would be the first Take Profit target and the point where it would be advisable to move the stop-loss into the break-even zone. 4) The price will meet some resistance at this level, however, it can still continue its growth if there will be no aggression from the sellers. In this zone, we may experience another local accumulation phase. 5) If the price will continue the upward movement with the support from the volume it can reach the second "Sell Zone" ( $402-$427) and in the upper part of that zone ($420 - $426), we would aim to close the second take-profit target. At this point, most of the position will be closed. 6) The "golden pocket" is the area for the reversal and potential target for the short position. Best of luck with your trading!
COINBASE:ETHUSDLong
by Wunderbit
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