After ranging for some time on the daily chart and retracing back to support ETC made a new runup in price.
A clear swing high with volume takes the price from below the 200MA and closes the candle above the 200 Moving average. As usual we see a few small rises after this one, and because the prifce barely dipped I would expect price to test local support again before trying to go higher.
I would like to scale into a position from the 0.50 to the .0618 retracements levels. A stop is placed just bvelow the 0.768 fibonacci.
Should the price not drop from around here, then we redraw the fib to the new high to measure retracements.
Because this is the first elephant, I prefer to raise the stops instead of taking full profit on the first bounce from my orders. I will do this 3 times in total before taking full profit on the trade at major resistance. (buy the dip after a new high untill price does not make a new high on this timeframe)
This is how I add to a winning position most of the time.
A clear swing high with volume takes the price from below the 200MA and closes the candle above the 200 Moving average. As usual we see a few small rises after this one, and because the prifce barely dipped I would expect price to test local support again before trying to go higher.
I would like to scale into a position from the 0.50 to the .0618 retracements levels. A stop is placed just bvelow the 0.768 fibonacci.
Should the price not drop from around here, then we redraw the fib to the new high to measure retracements.
Because this is the first elephant, I prefer to raise the stops instead of taking full profit on the first bounce from my orders. I will do this 3 times in total before taking full profit on the trade at major resistance. (buy the dip after a new high untill price does not make a new high on this timeframe)
This is how I add to a winning position most of the time.
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