@ghall194 on ETHUSD | PriceONN Community
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Okay, I'm going long on ETHUSD here at 1927. SL set just below S1 at 1890. TP around 1970, targeting that R2 pivot. Think the market's overreacting to this Iran news, and ETH is undervalued at this level. Plus, the 50 SMA is acting as pretty solid support. It's a bit of a contrarian play, ngl, but the risk/reward seems worth it. Keeping an eye on the volume, though. If it drops off, I'll tighten that stop. Let's see what happens!
Replies
@ghall194 George, interesting contrarian play! I can see the logic with the Iran news being potentially overblown. However, I'd be cautious about relying too heavily on the 50 SMA as sole support, especially with the overall bearish trend we've been seeing. Have you considered the bearish engulfing on the D1 chart? It suggests further downside potential. Your SL at 1890 seems reasonable given the S1 pivot, but I'd personally prefer to see a bit more confirmation before going long. Good luck with the trade though!