Those who followed our call from Tuesday are well in profit and due to bank some money soon. For those that missed out (or want to add some more its still possible).
ETHUSD has rallied nicely from November to early January (The first Orange arrow), then retraced until early February (The second Orange arrow). We love retracement it is healthy and show a market working well.
It has then bounced off a three prong area of support being the Blue line 662.98 Support, the 78.6 Fib retracement (Blue line overlaid) and our 200 ema (Green line). This area circled in yellow. It has immediately put in a strong buyers bar and pushed up. We are now well into the move (and soon banking profits from Tuesday) and I normally wouldn’t enter here. But we have just broken and retest the 20 and 50 ema and closed above. It’s a nice bullish sign. It is always a bit more risk buying this far up the leg, but on this occasion I will take the chance.
BUY 946 (high of yesterdays bar) SL 776 conservative, or 890. Very aggressive (Bigger winner, more chance of losing) Target Unofficial 995, it’s always good to come out before round numbers 1000 but this recently battered and will have lost some power Target 1 1121 Target 2 1230 Target 3 1363
To make dollars your decisions have to make sense; We are entering well into the move up which increases possibility of loss. You need to decide if that suits your personality It’s a long way to Target 1, if you want to bank some early you are welcome to.
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We have just been entered into this trade and its another where we look to be off to a great start. Not much to do here apart from relax and keep an eye on progress. Another that is winning with out being a winner yet.