ETHUSD 21 NOV 2020 1132 hrs

ETHUSD 21 NOV 2020 1132 hrs

Dont get too wrapped up in the rules for a wave count. If you do, you will never (rarly) find an entry.

Use wave as a map. If you were targetting a long entry where would it be…. at points 2 and 4 right? Where do points 2 and 4 usually fall? Support, EMA , 50-61.8% fib.
When price gets to points 2 or 4 that is when you drop to your 5 or 15 for pinpointing the entry.

You can also look at where price is located when RSI breaks the demand line. When RSI breaks the demand line, is price at support? Did the buyers show?

Chasing price into new high ground is very high risk. To maximize your reward while minimising risk, you want to look for pull backs. Use elliot wave schematics as a reminder.

Published at Sat, 21 Nov 2020 18:39:07 +0000

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