The latest important turnkeys from ETHUSD market

The latest important turnkeys from ETHUSD market

Let’s read the story from ETH chart.

1/ Entering the downward trend stage after breaking down the previous balancing wedge.
2/ Panic
3/ SLKB

2+3 formed the bottom line of the new balancing wedge.

4/ SLKT and formation the top line of the new balancing wedge.

Why balancing wedges are important?

They help you to divide the market into stages. It is like building the map for price movements. When you have a map, it is become easier to plan your trading activity. Placing trades around the borders of the wedges is a rational activity as you reduce your risk in this way. Also, Chart gives more clear messages if the price is going to break or reject.

Let’s go further.

5/ Minor FOMO
6/ Minor ND
7/ Minor SLKT at the top of this bar.

This 5+6+7 sequence of signs of weakness is telling you that price is not going to break higher. That is why bar 7 developed into a wide red movement with closing on the lows. In this way, we got a new local zone of weakness for the balancing wedge, and the touchpoint for the resistance line.

What is now and next?

Join private communities to get details, conversations and more.

Yes, You Can Become a Professional Chart Reader

To build success in any business, you should rely on things that really work.

In Chart Reading Method, they are three: The Law of Inequality, The Law of Supply & Demand, The Law of Effort & Result.

Download free books, to understand how can you apply the Laws and convert charts into profitable setups daily!

Enter your email to Download books

Start building your success with Chart Reading method. Let’s not go back to what wasn’t working anyway.

No spam is guaranteed.