Neo is a popular coin which has been building nicely. Having rallied up strongly through Dec/Jan it has pulled back to support at 83.83 and started another leg up. It has recently broken the 125.91 (Red Horizontal line) level, and the 20 EMA (The Blue Line) then pulled back to retest (Hit) the Horizontal line yesterday, and is bouncing up again today. This is a classic ABC pattern (Advance through the level, Pull Back to the level, and Continue in the original direction.
A close of the current bar above recent highs at 138.45 would be a strong buy signal. The aggressive entry is to buy on the break of the level. I think this is a good play on this move. The conservative is to buy the high of the bar. I will write the conservative up.
Buy the high of this bar if it closes above $138.45. Stop Loss $121.00 Targets just before the Blue Lines $146.32 Target 1 $167.79 Target 2 $189.59 Target 3
If price falls below $121.00 this trade is invalid.
As price breaks 138.45 and has pullbacks good 4hour and Hourly trades will turn up, please ask us for updates on those as they develop
I welcome new members to follow dollarsandsenses for more profitable trade ideas!
Daily Quote
"In investing, what is comfortable is rarely profitable." - Robert Arnott At times, you will have to step out of your comfort zone to realize significant gains. Know the boundaries of your comfort zone and practice stepping out of it in small doses. As much as you need to know the market, you need to know yourself too. Can you handle staying in when everyone else is jumping ship? Or getting out during the biggest rally of the century? There's no room for pride in this kind of self-analysis. The best investment strategy can turn into the worst if you don't have the stomach to see it through.
Trade ist aktiv
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Both our conservative and aggressive entries are entered as the ABC Chart Pattern has completed nicely. We are just pushing through the recent highs at 138.45 and making positive progress up towards Target 1. Its a Really good decisive bar that has put us in and the trade looks good. WE will keep an eye on 4h and H Charts and advise if we get any extra entries on the shorter Time frames. D&S bringing you TA you can use
Hi DollarAndSenses, first of all, thanks for your analysis, I really like your style. I have a bloody noob question regarding the targets, as I don't know what trade actions am I supposed to do with them. Ibet answering this will help many others newcomers:
F.i. Say we reach your $138.45 price and I buy 10 NEO.
When you say Target 1, what am I supposed to do? Sell my 10 NEO and wait for a pullback, then rebuy and go for Target 2.
Or what you mean is to sell fractions as we reach each target? Say we reach Target 1, I sell 50% of my NEO. When we reach Target 2, other 50%...
Can you cast some light upon my ignorance? Thanks!
nabeelmoeen
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hey @icomaniaco, I believe it's the latter of the 2.
When you hit each target, sell a portion of your holding, and also if i understand correctly, updated your stop loss.
As you hit the next target, sell a bit more
@DollarAndSense ... thanks a lot for sharing your knowledge and experience with the rest of us. other than profiting off of it :), it's a great educational experience as well
Morphmine
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@icomaniaco, After every entry you set at least 2 targets. Sell one part of your position at target 1 and thats your "sure" profit. You than asses the current situation, move a stop loss probably and continue to next target as a bonus. If coin looks strong after hitting first target i would sell only 25% and sell rest at higher target.
Dieter1983
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Still ok for target 1?
ale408
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stop loss hit. $121.
kalyanramy
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Thank you for the analysis. I see it falling hard from 137 to 131 currently. Are we expecting a bounce back or expect further dip?
Morphmine
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I have similar analysis. NEO is strong and solid coin. There is a free airdrop coming on 1st March, everyone who holds NEO will get free Ontology tokens. That's why i am very confident it will hit higher targets. Sell only 25% at first target 146.00; sell rest at 168.00 and rebuy after pullback. My entry was at 121.50 and stop loss at 115.00
SebVojvoda
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@Morphmine, how many NEO we have to own to get the ONT token? Where should our NEO in that case be stored..in the NEO wallet or is it ok on BINANCE NEO wallet?
Morphmine
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@SebVojvoda, Binance have strong support for NEO and it's NEP-5 tokens but they didn't found anything related to Ontology in their News section. It's same like with hard forks, if exchange don't list the new coin you won't get it. Best bet would be to pull your NEO back to wallet. Here is the more info about it: neo.org/blog/details/3061
SebVojvoda
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@Morphmine, thank you so much...good luck in your trades...
F.i. Say we reach your $138.45 price and I buy 10 NEO.
When you say Target 1, what am I supposed to do? Sell my 10 NEO and wait for a pullback, then rebuy and go for Target 2.
Or what you mean is to sell fractions as we reach each target? Say we reach Target 1, I sell 50% of my NEO. When we reach Target 2, other 50%...
Can you cast some light upon my ignorance? Thanks!