Direct from the desk of Dane Williams.
Okay, let's get back to talking about the actual trading, huh?
Hopefully throughout all of this wLEO hacking mess, you've still been sticking to your forex support and resistance trading fundamentals.
I'll tell you what, that Ethereum long setup that we keep buying, has been so good that it feels like we are doing a bit of market hacking of our own!
Let me show you what I mean.
First up just a quick look at the same daily support/resistance zone that Ethereum has been above for a while now.
Nothing has changed, so I'm just going to quote the same chart from last week's trade setup that I linked to in the opening section:
Starting with the higher time frame, daily zone as always.
It doesn't need any more explanation than as long as price is above daily support, we were looking to be buyers.
Now we knew we want to be buyers, it started to get interesting when we zoomed into the hourly chart.
Take a look at the short term resistance level that when retested as support, we were using to buy off on the quoted chart below.
Then drill down into the intraday, hourly zones that we'll use to enter off and manage our risk around.
Yep, that's the same Ethereum intraday zone we have been trading around for a while now.
Now finally take a look at how the setup played out:
ETH/USD Hourly Updated:
Even if you didn't get in right on the bounce and waited for the first consolidation when I wrote the last post, there was still 1:3 risk:reward on offer.
A clean, low risk/high reward setup that once again experienced all but zero drawdown.
It's been a long week for LeoFinance, but hopefully setups like this offered a bit of a silver lining for the community.
Best of probabilities to you,
FOREX BROKR | LeoFinance Blog
Daily market analysis.
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