Good morning everyone, hope everyone is enjoying a wonderful spring.
I have been watching ETH for the last few weeks and have been impressed with the bullish nature of this coin. It's made me hesitant to trade this wave count as I feel it could push up from this level, although it seems unlikely.
Currently it would appear we are seeing the 2nd of the 3rd wave completing. I am expecting a push up toward the 712 area and then a reversal down toward 595.
This setup should allow for a couple nice scalp trades. I will be targeting a short entry around 712 ( 50% retracement and 1hr 200 EMA resistance) with a target of 595 for a reversal long.
Overall it would appear ETH is pushing toward the 530 area which is the .618 retrace and also strong trend line support. That may all change but assuming we see a drop this is the map I will be trading off of. If we see a push up above 742 then this count is invalid.
Thanks for taking a look, any feedback is always welcome. As always these are my ideas for my trades and should not be used as advice for your trading activity.
I have been watching ETH for the last few weeks and have been impressed with the bullish nature of this coin. It's made me hesitant to trade this wave count as I feel it could push up from this level, although it seems unlikely.
Currently it would appear we are seeing the 2nd of the 3rd wave completing. I am expecting a push up toward the 712 area and then a reversal down toward 595.
This setup should allow for a couple nice scalp trades. I will be targeting a short entry around 712 ( 50% retracement and 1hr 200 EMA resistance) with a target of 595 for a reversal long.
Overall it would appear ETH is pushing toward the 530 area which is the .618 retrace and also strong trend line support. That may all change but assuming we see a drop this is the map I will be trading off of. If we see a push up above 742 then this count is invalid.
Thanks for taking a look, any feedback is always welcome. As always these are my ideas for my trades and should not be used as advice for your trading activity.
Comment:
Good morning, So far so good. Entered short at 718. It would appear that ETH has fallen back below the 55 EMA which is a good sign for lower price action. I have locked in profit on 10% of my position at 696 this morning for a 3% gain and have moved a stop into position at 719. Risk managed and now waiting for a the break.
Good morning, So far so good. Entered short at 718. It would appear that ETH has fallen back below the 55 EMA which is a good sign for lower price action. I have locked in profit on 10% of my position at 696 this morning for a 3% gain and have moved a stop into position at 719. Risk managed and now waiting for a the break.
Comment:
Everything seems on track. I am expecting a bounce this evening into tomorrow morning from the 665-670 level up to 685-695 before heading back down. I have moved my stop down to 705 to lock in profits and will continue to trail this structure as it moves down.
Everything seems on track. I am expecting a bounce this evening into tomorrow morning from the 665-670 level up to 685-695 before heading back down. I have moved my stop down to 705 to lock in profits and will continue to trail this structure as it moves down.
Trade closed: stop reached:
Stop triggered last night @ 696 3% gain. Looks like the bullish count is more probable. Would expect a bounce a 693 with first target of 830, 2nd target 930. Prosperous trading everyone.
Stop triggered last night @ 696 3% gain. Looks like the bullish count is more probable. Would expect a bounce a 693 with first target of 830, 2nd target 930. Prosperous trading everyone.
Looking like it may push higher than 712. Going to wait and see how this 3rd wave in a potential C wave forms. Probability is favoring the 718-720 area. If it pushes higher I will start leaning toward my bullish count.