For those of you following me in chat, ETH hit the predicted target of $210. This target sits right on a major trend line so this has become a major deciding factor for ETH.
As long as ETH stays above the trendline this is an excellent long opportunity. I currently have two longs placed with my entries shown on the chart. Here are my targets: T1: $217 :: Placed at the top of the small channel. We will likely get some resistance here. T2: $236 :: This is placed an a major trendline. IF we make it past the First Target I will post profit levels below.
IF ETH does not hold the major trend line that it is currently sitting on. I will swap all my longs for shorts. This should happen as soon as a candle closes below the line. Be sure to wait for confirmation. In this case, I have an ultimate Target of $165. Once again profit levels between will be posted below if trade becomes active.
Thanks Again, and Good Luck to all of you!
If you like my charts, please like and follow! It really does mean a lot!
Trade ativo
⋅
Target one reached. waiting for a break to re-long
Trade ativo
⋅
Entry 2 confirmed! Good luck!
Trade ativo
⋅
I hope everyone made away some heavy profits with the hit of target 2!!
We are now looking at a possible ETH short. It is playing with the major trend line right now, so watch your charts closely! If we make a full break past, I have a lowest target set at $160-165! Good luck!
That looked like a solid break down. Why did you not go short?
oh92
⋅
@CoinRat, I did! However, I typically play the waves so somewhere in there I made a bad call.
Despite my hiccup, overall I did very well on this trade!
Most of the traders I have been following lately do not enter a trade until they have confirmation. It looks like you have a different approach. You took long positions at the support, risking the possibility of the support not holding. Does this tend to produce better results for you than waiting for confirmation?
oh92
⋅
@CoinRat, Im sorry. If you look at my previous chart, very rarely do I take an aggressive approach on trades. Confirmation is usually the better route. However in this scenario I felt it was worth it for 2 reasons.
First, If you are able to zoom out on this chart, the bottom trendline held massive support perviously. History tends to repeat itself so I expected there to be at least some bounce at this level. Which there was, just not as great as I was hoping.
The second reason is the most important. IF ETH were to fall below this trendline the Risk/Reward ratio would be huge. Therefore, I would likely make up any losses quickly after exchanging my long for a short.
I hope this helps explain my position!