High Probability Entry on ETH/USD Based on Psychological Levels
In this technical analysis I will continue my previous idea based on psychological support and resistance trading.
After many successful confirmations of the $380 and the $400 level, I suggest another trade set-up with good risk reward.
In this case, we can use a LONG position after a confirmation the $380 level. If this level gets confirmed again as support, we can try to safely trade towards the $400 level.
For the stop loss I would place it slightly below where the previous wicks have brought us whenever the price went below $380, so probably around $375.
For the take profit, it's best to place it slightly below a psychological resistance, so say $399.
All of this combined gives you a nice risk-reward set-up with a high probability entry. Enjoy!
See my previous idea for a longer and more in-depth explanation on how these psychological support and resistance levels work. It got featured by Tradingview as the top analysis for the week:
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
After many successful confirmations of the $380 and the $400 level, I suggest another trade set-up with good risk reward.
In this case, we can use a LONG position after a confirmation the $380 level. If this level gets confirmed again as support, we can try to safely trade towards the $400 level.
For the stop loss I would place it slightly below where the previous wicks have brought us whenever the price went below $380, so probably around $375.
For the take profit, it's best to place it slightly below a psychological resistance, so say $399.
All of this combined gives you a nice risk-reward set-up with a high probability entry. Enjoy!
See my previous idea for a longer and more in-depth explanation on how these psychological support and resistance levels work. It got featured by Tradingview as the top analysis for the week:
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
Nota
What a great success once again! That one wick might have stopped you out, but I hope you survived that. Overall the price behavior did seem reasonably predictable using psychological levels.In my next idea I will continue this concept:
Thảo luận về những biến động và nói cùng nhau về thị trường giao dịch ở cộng đồng Telegram này nhé!
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Thảo luận về những biến động và nói cùng nhau về thị trường giao dịch ở cộng đồng Telegram này nhé!
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.