We have seen a beautiful text book breakout on the ETH chart.

We have seen a beautiful text book breakout on the ETH chart.

By EliteElliott | Crypto TA | 25 Jan 2021


In our previous post we have mentioned how ETH was approaching the top of the Triangle formation and an overhead  Resistance area as well. Upon touching the Triangle, ETH was rejected for the final time and moved back down towards the lower trend-line of the Triangle. At this point we were salivating like mad dogs waiting for a good entry to ride a potential breakout to the upside :)

 

We decided to take an entry (Entry 1) once a Doji Candle, followed by an Engulfing Candle has formed right on the lower Trend-line. This was an aggressive Entry,but we were confident to make it based on our TA.

 

 Once the breakout has occurred and we had a Candle closure outside the Triangle (1H time frame) on a higher then average Volume, a second Entry ( Entry 2),a more safe one, has been taken.

 

The Trade has already achieved an eye watering 10:1 Risk/Reward ratio!!!


EliteElliott
EliteElliott

We are a Group of traders who are eager to Master the Art of Chart Reading using the Elliott Wave Theory. Come and join us on our journey to Financial Freedom.


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