Long

ETHFI - Going ready to go higher ?

Updated

I'm looking fora finished fourth wave on this one.

Imo price is now carving the first wave of the higher degree pink wave 5.
So, if you're not in yet, wait for a pullback in wave 2 before getting in thus minimising risk.

My stop is at 6.710 as I'm already long @ 6.906 while writing this post.

Note

-1min chart-
Note that I don't know yet exactly how high wave (1) will go.
In any case, as I said, ideally look for the termination point of wave (2) before buying to reduce risk and increase your Risk/Reward ratio.

Note

Price is at the usual reversal zone of the 50% and 61.8% Fib retracement.
Now it's time to look for a potential buy point.

Note

Got in at 7.011 with stop at 6.967

Note

I'm still in the trade, I didn't execute my stop as price dropped in a split second below the stop before reversing higher just as quickly, the equivalent of a gap down below the stop /gap up above it.

I'm slightly expanding my stop now of course and place it at the new low of 6.958.
I almost never increase my stops but in this case It's an increase of <0.15% so I don't mind it as it's negligible.

I will let the system execute my stop if price drops to it again now.

Note

I'm now at +3x my risk. I'm taking profits on half of my position and will let the rest do what it wants. Best case it goes to 8$ and higher and worst case, my stop is hit and I still make a bit of money.

Note

Stop was hit on the remaining position.

ElliottWaveBelgium

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