Direct from the desk of Dane Williams.
In my last Ethereum trading walkthrough blog, I left you with the following line:
"find your edge and exploit it over and over."
If you've been trading Ethereum using my forex support and resistance trading strategy, then you'll no doubt understand.
For those of you that are new to the blog, click the link in the opening paragraph and go back to the last time we spoke about Ethereum for the support/resistance zones that we've had on our charts for a while now.
Then let's get straight into the trade update, below!
Ethereum Higher Time Frame View
Starting with the higher time frame, daily zone as always.
ETH/USD Daily:
You can see that with price still above our higher time frame support, we're only looking to be buyers.
Yes, it's as simple as drawing the most obvious zone you can and looking for longs above and shorts below.
Don't overcomplicate what doesn't need to be overcomplicated.
Ethereum Intraday View
Then drill down into the intraday, hourly zones that we'll use to enter off and manage our risk around.
ETH/USD Hourly:
You can see this is the exact same intraday zone that we were trading earlier in the week.
Yep. Find your zones, trade your zones.
It's as simple as that.
If price is above higher time frame support, then we're buyers.
We then drill down to an intraday chart to find a short term area of resistance turned support that when retested, we can use to enter off.
This keeps us trading with the higher time frame flow, while allowing us to target the best risk:reward possible.
Best of probabilities to you,
Dane.
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