a1Keith
Long

Ascending wedge LONG ETHBTC

BITSTAMP:ETHBTC   Ethereum / Bitcoin
398 7 5
BTCUSD             just broke out of a descending channel to the upside with retracement to the channel ceiling . Bullish .
ETHUSD             has been trading in a wedge and looks to breakout to the upside. However the pattern is most exact on ETHBTC.
I will enter long if price retraces to the bottom of the wedge with a stop beneath previous low.
Profit target: Upper extent of green area

Example
Stop 0.052
Entry 0.054
Take profit 0.082
Risk :Reward 15:1
Kommentar:
ETH is very strong compared to BTC. It has shot up to the top of the channel. With such a strong move , it can have the momentum to push through it. I will wait tot see if it forms support on top of this channel for another leg higher
Kommentar: so I may move my take profit up. We should know within 24 hours
Kommentar: Preparing to close out this trade.
Alarm for bar close placed at double ascending line. I will close the trade if it crosses this line
Kommentar:

This one minute chart shows a descending channel into the double ascending lines.
It will probably first become a wedge which will break up or continue down as a channel. We will have our answer soon
Trade geschlossen: Ziel wurde erreicht
Trade closed 25 minutes ago at 0.072629
Profit 0.020629
If you bought 10 ethereum you made 0.2 BTC
Antworten
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You can see how price respects the lines even on 3 minute chart
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You can see that I modified the ascending wedge into an ascending channel. It is holds and does not breach the channel we may see this reflected also in the open ETHUSD trade
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Couldnt it not also be a rising wedge?
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a1Keith Badabiing
@Badabiing,
BTCUSD broke out of a channel at that time. I commented on BTCUSD and ETHUSD since the vehicle traded ETHBTC is just a cross of them. Since ETHUSD was primed to go up and BTCUSD to go down I felt that I would see more movement in the crosspair. As you can see on my chart above I drew the same ascending wedge that you drew. I do lots of analysis using pitchforks and slopes and many times a wedge is just a convergence or divergence of different slopes.
Thanks for your comment
K
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