ETH/USD LONG SETUP IDEA
Entry: $1,097.00
Stop Loss: $1,042.00
TP Levels and RR:
1) $1,221.12 (2.26)
2) $1,333.10 (4.29)
3) $1,423.32 (5.93)
REASONS FOR THE TRADE
We see a decrease in volume with higher lows being printed and highs remaining relatively at the same level. If this turns out to be a Bull Ascending Triangle, it should give a good setup for a long order. Profit levels are set at previously established levels (now resistance levels). The Risk Reward Ratio is favorable for all the trades. My suggestion here would be to take partial profits at each level and move the Stop Loss up after a breakout. A good place for the SL would be slightly under the breakout level in order to protect the profits.
Entry: $1,097.00
Stop Loss: $1,042.00
TP Levels and RR:
1) $1,221.12 (2.26)
2) $1,333.10 (4.29)
3) $1,423.32 (5.93)
REASONS FOR THE TRADE
We see a decrease in volume with higher lows being printed and highs remaining relatively at the same level. If this turns out to be a Bull Ascending Triangle, it should give a good setup for a long order. Profit levels are set at previously established levels (now resistance levels). The Risk Reward Ratio is favorable for all the trades. My suggestion here would be to take partial profits at each level and move the Stop Loss up after a breakout. A good place for the SL would be slightly under the breakout level in order to protect the profits.
Trade active
Trade is in profit, so move the SL just below the trendline. Worst case scenario we will end up with a small profit if the trade goes against us.Trade closed: target reached
Target 1 Reached - if you didn't get stopped out with that wick at $1,120, then you have reached your first target. The other two remain valid for now and it's all about protecting your profits now through a trial stop loss.I will mark this trade as "target reached" since we are already well in profit. but make sure you keep an eye on the trade and manage it accordingly.
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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.