Take a look at the chart and see analysis. By our first rule, the entry needs to be confirmed by trading at or above the 'A' level. However this breakout is happening with new all time highs and would warrant entry at this time with the nature of cryptocurrencies, particularly the inability to short this market.
Trade geschlossen: Stop wurde erreicht:
The greatest value in my system is the ability to find high probability trades with low risk reward. That's the characteristic of this trade, with a risk of $20. Managing your risk is #1; easier said than done.
This trade setup still has merit if the price can hold support above the Daily Pivot Range. Look for a re-entry upon price strength through previous bar highs or new ATH breakout.
This trade setup still has merit if the price can hold support above the Daily Pivot Range. Look for a re-entry upon price strength through previous bar highs or new ATH breakout.
Kommentar:
If you had placed a buy stop entry at the ATH ( all time high) you'd be well positioned with some profit and could raise your stop loss to breakeven around 888.00 and make it a no lose trade (no accounting for any slippage of course:)).
Kommentar:
Here's a good follow up to the trade. As you can see in the attached chart image the market held support on the Daily Pivot Ranges and moved to new all time highs.
It's very common for collective market psychology to form strong support/resistance at these significant price levels such as $1,000. Hence with the double top forming I would be very careful at this level. The likelihood of the market failing to penetrate and follow through at this point is high and may require a retracement before it can garner enough momentum to plow through $1,000
It's very common for collective market psychology to form strong support/resistance at these significant price levels such as $1,000. Hence with the double top forming I would be very careful at this level. The likelihood of the market failing to penetrate and follow through at this point is high and may require a retracement before it can garner enough momentum to plow through $1,000
Kommentar:
If there is a retracement off the double top then look for first level support at the Daily Pivot Range blue dots.
Kommentar:
A key point made earlier in this published idea is that you cannot short this market; or any other cryptocurrency market save BTC (Bitcoin). Hence you have a built in bias to the upside, at least until a futures contract is offered. Nonetheless, it's important to identify our classic technical analysis price action because one day the crypto space will have arrived at full legitimacy, and you will really need these analysis tools to save you from losing all your gains you made on the way to the moon:)!
You can see this price level in the ACD Opening Range indicator which shows 873.50. You can now go long if you did not yet get long on the initial publishing of this chart.
Place your stop loss at 864.99 the low of the Opening Range also viewable in the ACD Opening Range indicator.