Direct from the desk of Dane Williams.
With Ethereum suddenly becoming massively important to the price of the LEO Token, I've found myself closer watching and day trading the ETH/USD pair.
I talk about being patient in your day trading a lot and today's Ethereum price action is just another example that shows you don't have to be first to make money in this game.
If you took our last Ethereum long trade (which was an easy 1:3 profit mind you), then you'll still have the following zone marked on your ETH/USD daily chart:
ETH/USD Daily:
You can clearly see on the Ethereum daily that price once again held daily support on its latest retest.
With price above higher time frame support such as this zone, it means we're still only looking to trade the pair from the long side.
To find and optimise our entry, we then zoom into an intraday chart to see the price action. As always, I choose the hourly:
ETH/USD Hourly:
You can see even more clearly here that price held our higher time frame zone.
After price bounced back above it, a short term resistance zone was formed with that bearish candle I've marked in blue.
When short term resistance was retested as support, that's your entry to get long and away we go again.
Once again, you don't need to be first to make money in this game.
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.