In this chart I'm analyzing the time at mode trends present in this pair. The trend is clear, we have potential of further upside, and we happen to be long as well.
If you're not in this trade, you could enter in a myriad of ways. Even if we happened to get a mode retest, we could still maintain a bullish bias, unless there is a break down with sufficient momentum to take out the previous low perhaps. I see many are looking to short it, which reinforces my point here.
Good luck if you're in this trade, or looking to go long. Keep in mind ETH has a habit of outperforming my expected targets, so, don't place any take profit orders (I wouldn't even place stops and just own coins, no leverage...and exit manually if it fails)
Cheers,
Ivan Labrie.
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I didn't place a stop loss on chart, but if going long at market, give it a 15% room to the downside, as safety net. This lets you calculate position size, based on your risk appetite. If you want to risk 1%, you'd spend 15% of your trading capital, buying coins with no leverage now and exit if 15% lower.
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Sitting a the mode support, not take off yet. Remains bullish while above this zone.
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New 14 bar mode on close.
Rgmov readings are indicating that the sentiment for ETH is currently bearish, but the chart is set up like an uptrend, although currently stuck in a consolidation.
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Back at the support. This is where buyers should step in, else, if trading below 0.02041, the ETH rally will be in serious question.
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A close above the level we're at might indicate buying pressure.
Monitoring the time and price targets for the downtrend signal created after we dropped below the 2 day chart mode.
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Next week is the 5th one without a new high. If it closes under the weekly mode from the high, buyers are in trouble.
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Selling has been absorbed, as depicted, 0.015-0.02 was the buy zone.
Looking pretty bearish to me...down to 200 before we make a significant climb and break through 300 barrier. The volume is minimal. Buyers exhausted.
IvanLabrie
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What makes you think that?
I don't any sellers, anywhere.
DanRoth
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We never broke the B leg up. I believe we are going to 200 at the lowest before we make any real move to the upside. Elliott waves. Plus I see sellers now. Not trying to be petulant. That's my analysis, nevertheless. Happy trading. :)
IvanLabrie
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Ok, post the chart here so I can see. I don't use Elliott Wave analysis, and if I do, I'd try to use Neowave, but I'm a beginner at it.
Cheers.
DanRoth
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No need for fancy indicators. I trade price action and Elliott Waves and it's never been easier to trade IMO. Not sure if you are familiar with Elliott waves, nut typically it's 5 legs to the upside with odd numbers making move to upside and even numbers slightly retracing. After 5 legs up we make a correction by retracing with typically 3 legs down, "a...b...and c." This time around it's an irregular correction and thus I believe we have yet to see a d and e leg down before an initial rally to the upside. The rally can only be confirmed when we break the B leg and we haven't done that. I believe we haven't managed to break the B leg resistance because we never really retested the A leg down. As a result, I believe we must retest the A leg before buyers flood the market. You can also see from the chart that volume is abysmally low, further proving we are in NO rally at all; on the contrary, we are retracing. I hope that makes sense. For further reading on why Elliott waves are such an efficient indicator of price action research "fractals Mandelbrot set and Elliott waves" in one search query. Elliott waves are essentially the way a market breathes.
DanRoth
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*but
IvanLabrie
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I'm very well familiarized with Elliot Wave, and have started studying Glenn Neely's Neowave method (which is a considerable improvement over the traditional one, which has too few rules to be objectively used, imho).
No need to re-explain it here. :p
I think your wave 1 is strange, it could be 5 waves up, but even then, it could be wave 1 and now 2, who knows.
Could also be some ABC and now we're in B, I'm not too concerned with wave counts.
The sellers aren't sending price down, and we had a very sharp uptrend, and now forming a consolidation.
So, why would it break down?
I'd need proof that the sellers are dominant and that the turn is turning around, which I'm not seeing.
I analyze price action bar by bar and try to understand what the market makers and the crowd are seeing in the charts.
The method is called time at mode, you can check Tim West's chatroom here to learn more about it if interested, and please check my previous publications using it, it can be a very precise forecasting tool.
Thanks a lot, Ivan. I'm gonna read up. Much appreciated. Any constructive criticism is more than welcome. And pointers are happily accepted.
IvanLabrie
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There's only so much I can comment on someone else's chart.
Technical analysis, is a matter of belief systems. You either subscribe to one, or you don't.
But there are some personal qualities involved, to be able to trade.
I'd reccomend checking out Van Tharp's material, in particular his book 'Trade your way to financial freedom'.
He has a host of useful material. That, 'Trades about to happen' by David Weis, 'Markets in profile' by J. Dalton, 'Reminiscences of a Stock Operator' by Edwin Lefèvre and 'Alchemy of Finance' by George Soros are reccomended reads if you ask me.