The rise of ETH the past few days were pretty interesting. So I decided to spend a bit of time trying to figure out the internal structure of the movement using Elliott Waves and Fibonacci analysis. (Which does not have to be correct in anyway, but it's fun.) I don't usually go in to the intraday movement analysis but it turns out to be rather interesting, with the chart exhibiting multiple extended fifth in the lower degree waves
Expect the next degree wave to repeat the same pattern so I'm putting my inverse target at 5a and 5b (5c and so on can come in later) These would be a good place to look for a good shorting opportunity. Remember to use stoplosses!
#Note that this is a note only and I am currently holding a long position looking for a place to partially exit a few lots.
#If 5a and 5b proves to be significant in a few bars from here I might consider a small short.
Expect the next degree wave to repeat the same pattern so I'm putting my inverse target at 5a and 5b (5c and so on can come in later) These would be a good place to look for a good shorting opportunity. Remember to use stoplosses!
#Note that this is a note only and I am currently holding a long position looking for a place to partially exit a few lots.
#If 5a and 5b proves to be significant in a few bars from here I might consider a small short.
Order cancelled:
FOrgot I should put it to neutral as I am still waiting for a signal.
Trade active:
Entered a small short, SL 220.5
Trade closed: stop reached
Trade active:
Shorted
Trade closed: target reached:
Take profit on 250.80
Possible end on Wave 4, expect a short burst up to 320 during the coming weeks.
282.10 - 250.80 = 31.30
11% profit :)
Possible end on Wave 4, expect a short burst up to 320 during the coming weeks.
282.10 - 250.80 = 31.30
11% profit :)