MTLETH was starting a new trend in January - daily candle closed above Donchian's upper line on 23rd January. Yesterday on 14th March the candle was also closing above again - moreover this was taking off MA200. We are in a new uptrend and potentially entering into a wave III.
Buy now - wave III. is usually the impulse wave - targets can be set to either under 2.618 or 3.618 fib levels of wave I. 2.618 is confluencing with a strong resistance zone however on a bullish market resistances tend to break whilst supports hold. So in longer term 3.618 can be realistic - this puts a target under 0.0058 - e.g. 0.005699.
SL can be set under wave II. low or when daily candle is breaking Donchian's lower border - whichever is earlier. Under 0.00205 at latest. RR: 1:6
Trade carefully and only with money you can afford to lose! Thank you and comments are more than welcomed!
Buy now - wave III. is usually the impulse wave - targets can be set to either under 2.618 or 3.618 fib levels of wave I. 2.618 is confluencing with a strong resistance zone however on a bullish market resistances tend to break whilst supports hold. So in longer term 3.618 can be realistic - this puts a target under 0.0058 - e.g. 0.005699.
SL can be set under wave II. low or when daily candle is breaking Donchian's lower border - whichever is earlier. Under 0.00205 at latest. RR: 1:6
Trade carefully and only with money you can afford to lose! Thank you and comments are more than welcomed!