The Dairy Game || I traded Ethereum with 1:20 risk/rewards ratio 3 times this week || 24-06-2024

jalil654 (52)Newcomerin Steem4Bloggers • 13 days ago

Assalamualaikum Steemian

With the prayers of my well-wishers I'm doing great and so do I wish for you all, beautiful people. My Daily dairy is special today.

I spend my whole day Infront of the Chart doing analysis. I was practicing my analysis on other coins as the time was not passing because I took a trade in Ethereum and was waiting for the target to achieve. actually I entered the trade 3 time this week, so I want to start my dairy from that day, till today's target achievement and the next move by the Ethereum. So read it till the End.

I traded Ethereum 3 time this week with the greatest Risk/Reward Ratio. let's start from the best trade.

*Trade 01*

It was Monday and Eid 1st When I gotta time to draw the lines and rectangles on the Eth/USD chart. These are not just lines and rectangles, But the next level technical analysis. I found that Eth/USD pair was creating Lower Low(LL) and Higher Low(HL) on 15 minutes timeframe. When I was done with the structure mapping, I saw that there wasn't any unmitigated order block. I waited for the pair to touch it's extreme point(Lower high) or Supply Zone. The pair reached there and I take a Short or Sell entry there targeting the the price lower low with stop loss the price lower high. When a apply the short position tool, I was surprised as it was giving me a 1:20 Risk/ Rewards Ratio. I catched the move and didn't miss the opportunity and entered in the trade which was successful executed and the target was achieved.

*Trade 02, An encounter Trade*

The Second trade was an encounter trade which means that it's against the market structure. Such trades are highly risky as we enter in a market that is opposite and against the market structure. But I take the trade as the last candle sweeped the previous lower low. You can see in the picture, the green oval shape, it's where the previous low was sweeped.

It's a strong signal and a sign of trend reversal but still I keep the stop loss just below the previous low and for safer side, I still targeted the order block in the lower lows entreme point. This target was also accomplished with 1:5 risk/rewards ratio.

*Trade 03*

This time, I was bullish about the market as the pair had sweeped the lower low so my thought was that the trend may change. But When the lower high order bloc was touched and I switched to lower time frame(1 minute), I saw a ChoCh(Change of Character) on lower time frame which indicates that the market will now again fall. I take a Sell entry and it finally it was achieved with 1:12 risk/reward ratio.

*Current Scenario of Ethereum*

The current price has break the previous lower low which means the break of structure has happened. But the lower low isn't confirm hit. It'll be confirm if it takes the inducement that is drawn as the dotted blue arrow in the picture. Then we'll look for unmitigated order flows and order blocks. If it falls more than there'll be a new inducement.