$ETH - Bullish Buy Entry Since Break Of Structure (1496)
Updated
Since the most recent low of 1293, we have surpassed an intermediate high signifying a break of structure, hopefully turning a bit more bullish although I fully expect ETH to go sideways for quite some time due to gas fees and Cardano and PolkaDot taking up market share. Nevertheless, Etheereum is still in a class of it's own. I am expecting a pull back below current sell-side liquidity points but not lower than the bounce at 1420 or else that would shift the market structure bearish again in which you should be out of the trade anyway. Exit strategy would be to aim for equal highs where there are around 1605, 1677, and the last spike up around 1715. The third target is at the 162% extension which is a great confluence with this trade. These are my take profit zones.
Checking on the 4 hour time frame is where I derived most of this idea. However there is a small gap that it could reach if it does get past the stop loss. 1398 -1413 is the "NO, But if Yes Entry" Zone. I don't want to see it get here but if it does I will reluctantly enter a trade once it EXITS this zone, not while it is entering it as it could drive down even further.
Let me know your thought's. And Good Luck!
Checking on the 4 hour time frame is where I derived most of this idea. However there is a small gap that it could reach if it does get past the stop loss. 1398 -1413 is the "NO, But if Yes Entry" Zone. I don't want to see it get here but if it does I will reluctantly enter a trade once it EXITS this zone, not while it is entering it as it could drive down even further.
Let me know your thought's. And Good Luck!
Trade active
Boom shakalaka! Nailed the EntryNote
Partially closed 20% of my trade after gaining $20 in the trade from 1496 to 1516Note
A bit of a volume imblance on the 4 hour chrt, which men's it could retrace but if it does I expect it to reverse at the opening price. If you feel comfortable taking a bit more off here, please do. Note
Take 50% of your profits and move your stop loss above your entryTrade active
Expecting a bullish bounce here at 1577Trade active
We're still in this trade and after the last dip, it hit a bullish order block while filling in a FVG, all the while being at an Optimal Trade Entry. So I'm still seeing ETH as a positive Bullish force that's just lingering. There is a Buy Side Liquidity Pool hanging around 1635, an area to consider taking partials.
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
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