Direct from the desk of Dane Williams.
While it's not ideal to be switching between my old and new laptop to trade, it's certainly good to have my MT4 charts back today.
I know a lot of people use TradingView as their primary charting app and then just trade from their MT4 mobile app without using the broker's charts, but there's nothing quite like being able to trade directly from your charts.
Remember yesterday when we were talking about the Ethereum bulls reloading as previous resistance was retested as support? Well, I've taken the chance this morning to add Ethereum to my MT4 watch list.
Have a look at the Eth daily chart below, minus any weekend price action as they're forex broker charts:
ETH/USD Daily:
Yep, that daily frame zone is exactly how it looked on the TradingView chart from yesterday's blog.
With higher time frame support holding, our support/resistance trading strategy says we want to be only looking to trade from the long side.
So with that in mind, let's now zoom into an intraday hourly chart and take a look at the price action.
ETH/USD Hourly:
After price pinged off higher time frame support, you can see that I've marked the first short term zone of resistance. This is just an hourly candle in the opposite direction of all the others.
From here, we wait for price to retest this short term resistance zone as support and use it to manage our risk around.
You can see that price has missed retesting the intraday zone by something like $2, so it's up to you and how aggressive you are whether you've taken it.
Either way, the risk:reward is definitely still there for a 1:3 if you manage the position properly.
Best of probabilities to you,
Dane.
FOREX BROKR | Hive Blog
Higher time frame market analysis.