ADA trade set up ....mid term poss 50% gains
ADA
Ready to pull back and put in the C wave of the ABC correction that it is currently in after retracing 0.618% of the A wave to complete the B wave this further push down will form the C wave to complete to corrective pattern and form WAVE 2 of the larger degree
RSI confirms this as we are now into the over bought area
STOCH confirms this also as it is in the over bought area and pinned at the top of its cycle
Volume profile shows avoid between the 0.50 and 0.618 fibonacci level of the full move up
This is confluent with the area that you would expect to see a wave 2 retrace to before getting implusive again to form the wave 3
TP zone will be in line with EW ruleset that states wave 3 cannot be the shortest but must be equal to wave 1
therefor we will target the 1:1 Fibonacci extension
ENTRY 1
1094 SATS
ENTRY 2
1031
STOPLOSS
1000
RISK WILL BE FIXED AT 6.80% of the position size
in the case the stop loss is taken out
R/R 7:1
Position Size 5-10% of total portfolio
See lower link for the larger time frame analysis
Ready to pull back and put in the C wave of the ABC correction that it is currently in after retracing 0.618% of the A wave to complete the B wave this further push down will form the C wave to complete to corrective pattern and form WAVE 2 of the larger degree
RSI confirms this as we are now into the over bought area
STOCH confirms this also as it is in the over bought area and pinned at the top of its cycle
Volume profile shows avoid between the 0.50 and 0.618 fibonacci level of the full move up
This is confluent with the area that you would expect to see a wave 2 retrace to before getting implusive again to form the wave 3
TP zone will be in line with EW ruleset that states wave 3 cannot be the shortest but must be equal to wave 1
therefor we will target the 1:1 Fibonacci extension
ENTRY 1
1094 SATS
ENTRY 2
1031
STOPLOSS
1000
RISK WILL BE FIXED AT 6.80% of the position size
in the case the stop loss is taken out
R/R 7:1
Position Size 5-10% of total portfolio
See lower link for the larger time frame analysis
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