ETHUSD Range trading whilst DXY rallies
Dollar strength today is forcing Alts onto a back foot. See DXY
charts and comments to get a better handle on when to trade
these, needing DXY weakness to really thrive with the tail-
wind behind them. But when this littel dollar counter-rally
ends DXY should fall back to 91, over 2% from here and give
the Alts a big boost at that point.
We are long here from 463 (stops just 2 points below) but it's
struggling...look to take the meagre 2% profit at 473.
These 9 or 10 points can then be used as stops for the next
trade,which will trigger on a break above the dynamic coming
off the recent high..as usual we need to see a decent break
at that point, greencandles, increased volume to know it's
good, surviving any retest of the line from above once broken.
Then it will have to break above 477 and that longer term
dynamic which is currently arresting any chance of meaningful
advance form here. Once it can manage that ETH should run
free - a good place to either enter long or increase if not
already in. But until we see that ETH is likely to drift, a
sell/take profits from 473 and and a buy again at 463. Range
trading for day traders here working between the lines, which
seem to be working quite well on this pair.
Dollar strength today is forcing Alts onto a back foot. See DXY
charts and comments to get a better handle on when to trade
these, needing DXY weakness to really thrive with the tail-
wind behind them. But when this littel dollar counter-rally
ends DXY should fall back to 91, over 2% from here and give
the Alts a big boost at that point.
We are long here from 463 (stops just 2 points below) but it's
struggling...look to take the meagre 2% profit at 473.
These 9 or 10 points can then be used as stops for the next
trade,which will trigger on a break above the dynamic coming
off the recent high..as usual we need to see a decent break
at that point, greencandles, increased volume to know it's
good, surviving any retest of the line from above once broken.
Then it will have to break above 477 and that longer term
dynamic which is currently arresting any chance of meaningful
advance form here. Once it can manage that ETH should run
free - a good place to either enter long or increase if not
already in. But until we see that ETH is likely to drift, a
sell/take profits from 473 and and a buy again at 463. Range
trading for day traders here working between the lines, which
seem to be working quite well on this pair.
Comment:
DXY chart and forecast from yesterday. Keep an eye on DXY ! If you trade baby Alts
Comment:
Correction: DXY That last DXY forecast, above, was the penultimate comment.
The latest one from this weekend for the week ahead is here: Small counter-rally before further weakness
DXY 0.10% has crashed into the near term target zone at 92.74 -
92.55 (target 92.64) and bounced. It looks like it will
consolidate by moving sideways to upwards, at best to test
the upper parallel before it falls away again. When 92.50
gives way it should fall a further 1.5% to 91.01. This move,
when we see it will propel gold 0.05% and oil -0.72% considerably higher still.
It helps to use this forecast as a good lead indictor for baby Alt weakness/strength - not always, but often. This is why Alts trade much more freely and without the constraints of a moving dollar at weekends, if you think about it. That's why weekends are often a great time to be trading them. They are dollar free for 48 hours to run wild amongst themselves. A great hunting ground if you have the time.
The latest one from this weekend for the week ahead is here: Small counter-rally before further weakness
DXY 0.10% has crashed into the near term target zone at 92.74 -
92.55 (target 92.64) and bounced. It looks like it will
consolidate by moving sideways to upwards, at best to test
the upper parallel before it falls away again. When 92.50
gives way it should fall a further 1.5% to 91.01. This move,
when we see it will propel gold 0.05% and oil -0.72% considerably higher still.
It helps to use this forecast as a good lead indictor for baby Alt weakness/strength - not always, but often. This is why Alts trade much more freely and without the constraints of a moving dollar at weekends, if you think about it. That's why weekends are often a great time to be trading them. They are dollar free for 48 hours to run wild amongst themselves. A great hunting ground if you have the time.
So 10 won and about 3 lost before spreads. Hard work. But at least right side until that last buy. Now ETH is coming back to major support for the near term at 446-444 and is weak whilst trapped below 462. Time to go fishing: put a buy order in at 446 with a stop at 441 and let's see if we get struck. If we do look to sell at 460 on the rebound. Also helpful to keep an eye on DXY comments as they are useful lead indicators for almost all Alts v Dollar, except Bitcoin, which doesn't seem to care a hoot about anything. The baby Alts are more sensitive to DXY, though.