ETH/USD to Test 800 to New Highs or Major 'A' Up Fail Trade

Updated

Here you can see the setup occurring if the entry rule is met. The price must trade at or above the 'A' value line for a minimum 15 minutes to validate a long signal. Beware the 800 level which could be the catalyst to explosive upside or provide an 'A' up failure trade which would make a significant correction to the downside.

Note

The entry rule is met so we go long here. Be careful of the 800 handle as there is still a risk of a reversal at least in the near term over the next hour or two. Place stop loss at the Opening Range low, the stop loss rule for an 'A' up trade.

Note

Similar setup occuring on Litecoing LTCUSD

Note

Always trail stop losses to lock in profits. In these volatile cryptocurrencies you can grab fast profits upon the initial move or let it ride with a limit order to exit at your profit target. With new markets and all time highs you will need to have a method to project a profit target if you choose this course of action.

Trade closed manually

chris333

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