Direct from the desk of Dane Williams.
I may sound like a broken record, but this same Ethereum zone just keeps paying out for us.
If you haven't been following the narrative we've been building on the blog, just click the link and you should be able to weave your way back through time.
As you've no doubt seen, I've been having some image display problems on the new LeoFinance front-end where you can't click on my charts, so hopefully these TradingView charts might display a bit bigger.
We'll see how it goes.
As always, we start with a higher time frame view such as a daily chart or above.
I find that the daily chart works best for my trading style, but the daily/weekly levels are usually the same anyway so there's no real difference.
Take a look at the Ethereum daily chart below.
The higher time frame support/resistance zone that I have marked in grey should be pretty clear.
You can see as price came up, it stalled. Before retesting that same zone as support 3 times now.
As price is above higher time frame support, we're looking to only be trading ETH/USD from the long side.
We now zoom into the intraday charts in order to refine an entry point and much better manage our risk.
I use the hourly chart because unlike the 4 hourly charts, there's no subjectivity around your broker's weekly open and close time.
Now take a look at the Ethereum hourly chart below.
After price moved back above higher time frame support, we take the first short term area of resistance and use that as our key zone.
When price comes back to retest it as support, we are able to clearly manage our risk and target at least 1:3 often with zero drawdown.
You can see on that chart that this was the second time price has retested our intraday zone, giving us another chance if we missed the boat the first time around.
It's the same thing over and over using my forex support and resistance trading strategy, but that's the entire.
Find your edge and exploit it over and over.
Best of probabilities to you,
FOREX BROKR | LeoFinance Blog
Daily market analysis.
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