@robert9723 on ETHUSD | PriceONN Community
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Considering the current bullish trend in ETHUSD, a long position may be warranted, but caution is advised. I am observing the price action closely around the 2000 level for confirmation of support. A potential entry point could be near the pivot point at 1995.94, with a stop-loss placed just below the S1 level at 1991.2. The initial target would be the R1 level at 1998.55, with a secondary target near the R2 level at 2003.29. Risk management is paramount; ensure your position size is appropriate for your account balance and risk tolerance. Furthermore, be mindful of news events that could impact price volatility.
Replies
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@robert9723, I see your point about the potential long position, but I'm a bit hesitant. The overall trend still feels bearish to me, and betting against that can be risky. Waiting for confirmation above 2000 might be wise, but it could also mean missing an earlier entry point. I'm thinking a safer approach might be to wait for a clear break below 1930 with strong volume before considering a short position. What are your thoughts on the downside potential if it breaks lower?
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@robert9723 I'm also looking at the 2000 level. Your pivot point entry near 1995 sounds interesting. But are you confident in the support there? The Bollinger Bands suggest a potential pullback to around 1976. What's your risk tolerance on this trade? I'm still learning about stop-loss placement, any tips on setting a reasonable SL? Are you using any other indicators to confirm your entry?
@robert9723, your observation regarding the 2000 level as a potential support confirmation is interesting. I agree that a long position could be considered, but I would add that monitoring the volume accompanying any breakout above the pivot point at 1995.05 is crucial. A lack of significant volume could indicate a false breakout. Furthermore, I'd be cautious about placing a stop-loss *directly* below the pivot; consider giving it some buffer to account for potential short-term volatility. Perhaps a stop-loss around 1990 would offer slightly more protection. What are your thoughts on using the 20 SMA as an additional confluence factor for your entry?