How To Easily Trade Ethereum/USD on the Daily Chart!
Hey guys this is the strategy I am going to be using to trade ETH/USD:
Basically there are two possibilites here:
If price closes above the red down-sloping trendline and I can get in at a price on or just above that 0.5 fibonacci retracement level then I will buy there and take profit at the 0.618 fibonacci level.
On the other hand, if price closes below the 0.382 fibonacci level without breaking the red down-sloping trendline and I can get in at a good price (within the red box optimally), then I will go short and take profit at the 0.236 fibonacci level.
One very important thing to note is that if I cannot get in at a good price then I will simply not take any trade, because I am only willing to risk my money if I believe it is a high probability situation, and these situations do not arise everyday. Patience is absolutely key!
Bonus Analysis:
(BTC/USD)
(LTC/USD)
(XRP/USD)
(Don't have a sell area for XRP/USD because I don't see a high probability sell area for this pair.)
Let me know what you think of this strategy in the comments guys and if you liked it up-votes and follows are much appreciated!
Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.
BTC and Alt coins flash crashing before our eyes but don't despair. This too shall pass.
My strategy is simple, buy and hold, of course only invest in what you are willing to lose..
Keep at it. cheers
You got a 7.18% upvote from @bid4joy courtesy of @investingtips!