ETHUSD Study
Updated
Looking at two potential setups in play.
1. SHORT
Conditions:
A. If; Breakout of current Ascending Triangle -> final touch of the $240 mark (50MA/100MA & 61.8% Retracement) OR Break down of Ascending Triangle price will fall -> B.
B. ONLY if; MTF Up Trend AND $225 Support Base is broken.
C. Trade Entry.
D. Looking at targets: $220 (200MA), $212.50, $200.
2. LONG
Conditions:
A. If; $237.50 is reclaimed as Support.
B. Upside TP of $250 in play.
1. SHORT
Conditions:
A. If; Breakout of current Ascending Triangle -> final touch of the $240 mark (50MA/100MA & 61.8% Retracement) OR Break down of Ascending Triangle price will fall -> B.
B. ONLY if; MTF Up Trend AND $225 Support Base is broken.
C. Trade Entry.
D. Looking at targets: $220 (200MA), $212.50, $200.
2. LONG
Conditions:
A. If; $237.50 is reclaimed as Support.
B. Upside TP of $250 in play.
Trade closed: target reached
Trade Summary- Break down on Ascending Triangle actioned - Yes
- MTF Up Trend and $225 Support Base broke - Yes
- Short Trade Entered - Yes
- Short Target #1 ($220) hit - Yes
- Targets #2 and #3 - N/A (due long wick reversal candle.)
- Short Intraday Trade Successful - Trade Closed.
Strong Reversal to upside followed through $237.50 to $249+. Long Trade was not entered.
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