General info: Made a small breakout as we see and has made some nice movement in the last month. Congrats if you were in this one. MACD turned positive, small breakout today and RSI turned bullish as well.
Scenarios:
1 - Already done with retracing (in that case we have the orange ABC and we'll go up). In my opinion this is very unlikely due to the massive growth on this coin already. As we see in the earlier movement between Wave 1 and 2, we've seen a similar pattern with a drop down, small upmove and retracement afterwards. Good point is that we've broken the 50 RSI and turning it up, which is different from the first time. MACD turns positive also again.
2 - In the correction ABC move right now, in that case the red box is the area to hop in for me. This is the most likely case in my opinion.
So how to trade on this one? I'm not hopping in right now for a swing trade, because I don't see a safe position due to my risk/reward ratio and risk management. More to come about that in Q1 2018.
I'd rather wait until I see some retracement to hop in. If you're a risky trader, you can make swings of a few hours on this one and scalp some profit.
So either way we'll go up already (but currently it's making a turning hanging man candle on the 2H as well, likely that the pattern is switching then) or we'll retrace some more.
Scenarios:
1 - Already done with retracing (in that case we have the orange ABC and we'll go up). In my opinion this is very unlikely due to the massive growth on this coin already. As we see in the earlier movement between Wave 1 and 2, we've seen a similar pattern with a drop down, small upmove and retracement afterwards. Good point is that we've broken the 50 RSI and turning it up, which is different from the first time. MACD turns positive also again.
2 - In the correction ABC move right now, in that case the red box is the area to hop in for me. This is the most likely case in my opinion.
So how to trade on this one? I'm not hopping in right now for a swing trade, because I don't see a safe position due to my risk/reward ratio and risk management. More to come about that in Q1 2018.
I'd rather wait until I see some retracement to hop in. If you're a risky trader, you can make swings of a few hours on this one and scalp some profit.
So either way we'll go up already (but currently it's making a turning hanging man candle on the 2H as well, likely that the pattern is switching then) or we'll retrace some more.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.