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Ethereum update - Fractal taking place - Uptrend imminentHello traders, Been in the crypto space for already 7 months and i feel the learning curve is finally giving its rewards. Been working on this one together with jfiedler using elliot waves with yesterday after catching the last drop. BITFINEX:ETHUSD is reproducing the last fractal in a higher scale, right now we are in the final ABC before a possible move up to the 505 - 515 range wich should hapen this afternoon/evening. You can see also de MACD is moving to the upside. If you decide to jump in be sure to sell when the upside is done, will be posting more updates on catching wave low point and selling tops. I am personally bullish on this one, as you usual this is a personal opinion and i am not advising to buy any digital asset, just my opinion. Cheers, Roberto
BITFINEX:ETHUSDLong
by rlpz
4
PALLADIUM indecisive at the momentSomeone asked an advice in chat about Palladium LONG (with TP@756.00) and thought to provide my personal point of view with a more organic answer... The instrument is uptrend on the long term, but it looks indecisive at the moment; from the chart we can see it is in a range between two Fibonacci levels (and one of them is a resistance as well). If we entered LONG at the bottom of the retracement the trade would be risky might be somewhat safe (with a SL just below the Fibonacci line serving as support. The price bounced a few times around the ~756.13 line as well: last but not least, the pin-bar reversal on Thursday (see the lower red line in the next chart, orange line in the others) Note that there is also an historical support on the Daily/Weekly (the higher blue line ~767.99 in the chart). If we bought it around 748 (I am just guessing an entry point) we would have a 1:1 risk-reward-ratio which is not ideal given the conditions. If we really wanted a 1:1 risk-reward-ratio, the entry point should have been put just above the Fibonacci level where the price bounced and the SL accordingly. I do not want to be dragged into the philosophical discussion if it is worth trading commodities for short-term, relatively little movements :) I would just stick to the technical and say that not advise to enter a trade in the middle of a Fibonacci level or between two support/resistance levels (even more if one confirms the other). Hope that helps
TVC:PALLADIUM
by AlbionTrader
AUDJPY Potential Long Signal UpdateTRADE UPDATE Previous analysis: Please see original analysis linked below for in-depth explanation of our long bias. We are still awaiting a break above this red short-term down trend line on the hourly chart to execute a long position on this pair. We will also need to see confluence from our price action forecasting algorithm forecasting a move to the upside with a chance prediction of 85% or higher. Currently our algorithm is predicting continued movement to the downside with a chance prediction of 78%, but we will continue to monitor price action and the updates from our algorithm. See the link below for an image of our algorithm's forecast for this pair. i.imgur.com
Long
by UnknownUnicorn261897