Based on the 15-minute chart with Elliott Wave analysis for ETHUSD, I have detailed my plan for a long position.
My entry point is the current price level of approximately 3,497.60 USD. This level is identified after the completion of wave (4) and at the beginning of wave (5).
I have set my initial target at the 1.000 Fibonacci extension level of wave (5), which is around 3,560.03 USD. If the bullish movement continues, my secondary target is at the 1.618 Fibonacci extension level of wave (5), around 3,610.72 USD.
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 3,480.00 USD. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
I will monitor the trade closely as it progresses towards the target level. If the price approaches the target and shows signs of resistance or reversal, I will consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, my goal is to take advantage of the expected upward movement in ETHUSD while effectively managing risk with clear entry, target, and stop loss levels.
My entry point is the current price level of approximately 3,497.60 USD. This level is identified after the completion of wave (4) and at the beginning of wave (5).
I have set my initial target at the 1.000 Fibonacci extension level of wave (5), which is around 3,560.03 USD. If the bullish movement continues, my secondary target is at the 1.618 Fibonacci extension level of wave (5), around 3,610.72 USD.
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 3,480.00 USD. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
I will monitor the trade closely as it progresses towards the target level. If the price approaches the target and shows signs of resistance or reversal, I will consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, my goal is to take advantage of the expected upward movement in ETHUSD while effectively managing risk with clear entry, target, and stop loss levels.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.