Direct from the desk of Dane Williams.
Do you remember the Ethereum intraday long setup that we threw up as a day trading idea a few weeks back?
Click the link in the opening paragraph to go back through the blog and check out my full thoughts, or just check the charts quoted below as a refresher.
ETH/USD Daily:
ETH/USD Hourly:
Ethereum Trade Update
With the ETH/USD price above higher time frame support on the daily, we were looking to be buyers.
As a result, we zoomed into the intraday hourly chart to find an area of short term resistance that if retested, we could use to enter from.
ETH/USD Hourly:
As you can see, price came back to retest our short term zone and as long as your stop was placed below the swing low, it easily survived.
Using that zone to manage our risk and target a 1:3 risk:reward, you can see that price yesterday hit our target.
Happy days!
Support/Resistance Trading
All of the setups I write about in my daily market analysis blog here on LeoFinance use the same simple crypto and forex support/resistance trading strategy.
By applying this simple strategy to your own trading, you can set yourself on a path toward making low risk pips on a consistent basis.
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.