First of all, I would like to thank @TradingView for this chart combination!
XAUETH is approaching its all time low around 1.00-2.00 so we will be looking for buy setups!
knowing that this one can still dive inside the zone, reach level 1.00 before going up
For XAUETH to go up, there are three scenarios:
1- GOLD UP, and ETHEREUM DOWN (best case scenario)
2- GOLD UP, and ETHEREUM UP but with Gold moving up more aggressively.
3- GOLD DOWN, and ETHEREUM DOWN but with Ethereum moving down more aggressively.
How to trade it?
Well it depends on your trading style/plan. but here is what I am waiting for as per my trading plan:
ON H4: XAUETH formed a valid channel in red so we are waiting for a new swing high to form around the upper trendline to consider it our trigger swing and buy on its break upward.
The stop loss goes below the last swing low, and we always target double our stop loss size to have an edge over the market.
Meanwhile, until the buy is activated, XAUETH would be overall bearish and can still test the level 1.000 before going up. that's the power of waiting for a confirmation and trigger.
Good luck!
XAUETH is approaching its all time low around 1.00-2.00 so we will be looking for buy setups!
knowing that this one can still dive inside the zone, reach level 1.00 before going up
For XAUETH to go up, there are three scenarios:
1- GOLD UP, and ETHEREUM DOWN (best case scenario)
2- GOLD UP, and ETHEREUM UP but with Gold moving up more aggressively.
3- GOLD DOWN, and ETHEREUM DOWN but with Ethereum moving down more aggressively.
How to trade it?
Well it depends on your trading style/plan. but here is what I am waiting for as per my trading plan:
ON H4: XAUETH formed a valid channel in red so we are waiting for a new swing high to form around the upper trendline to consider it our trigger swing and buy on its break upward.
The stop loss goes below the last swing low, and we always target double our stop loss size to have an edge over the market.
Meanwhile, until the buy is activated, XAUETH would be overall bearish and can still test the level 1.000 before going up. that's the power of waiting for a confirmation and trigger.
Good luck!