AXS/USDT
Updated
This one melts faces.
AXS has been consolidating beautifully within the range. We are currently sitting in the middle of the range. Entry 1, Entry 2 are different short scenarios with the same stop adjusted. Looking at The MACD, we are attempting a bearish cross (red circle). Buy volume is slowly dissipating but can fly in at any moment. However, nothing is certain. We will raise our stop for-profits if given the opportunity. BB%B shows the bands may have widened a substantial amount but can continue to do so. BB is still widening. A big move to the up or downside is usually associated. Another way to play the action is to buy the low of the range and short the high. Essentially a tight stop outside the range is the idea when getting near the lows if long and and highs when short.
Good luck, have a great morning.
Best wishes,
HONEYITSGONE!
AXS has been consolidating beautifully within the range. We are currently sitting in the middle of the range. Entry 1, Entry 2 are different short scenarios with the same stop adjusted. Looking at The MACD, we are attempting a bearish cross (red circle). Buy volume is slowly dissipating but can fly in at any moment. However, nothing is certain. We will raise our stop for-profits if given the opportunity. BB%B shows the bands may have widened a substantial amount but can continue to do so. BB is still widening. A big move to the up or downside is usually associated. Another way to play the action is to buy the low of the range and short the high. Essentially a tight stop outside the range is the idea when getting near the lows if long and and highs when short.
Good luck, have a great morning.
Best wishes,
HONEYITSGONE!
Note
***** Update*****I established a range on the 1 min chart lows near $71.50 and highs around $73.40. I took a long scalp from $71.90 to $73.00 (beware of ranges on the 1 min charts, and always zoom out to a HTF for better confirmation of a move) to make up for some damage that might occur. Bulls have the upper hand in this battle as buy volume continues steadily on a HTF as RSI is in a bullish territory (1D). The MACD shows a potential cross(I am mindful of this uptrend on the HTF as a bearish cross may be short-lived).BB is still expanding, but if bears show a downward pressure as low as $52/ near the lower band is a possibility (consider placing scam bids near the middle band and lower band on a HTF(patience typically pays). However, this can change, and no scenario is a guarantee (no expectations). Keep aware of the daily close, as yesterday was a prime example of the dangers of going into the close. Maybe implement a strategy to avoid a loss (for example. liquidate half of your position in profit) or cut your positions in a profit and look for a better entry after the close is the safest play here). There may be a better entry(1 & 2) for a short position if the stop is triggered.
Good luck, stay safe.
Note
I will update all my ideas/ positions shortly—apologies for the late reply.Unfortunately, the stop has triggered but the scenario is still valid depending on how you approach it (see previous update). We made a profit of 1.52% on our scalp and -2.17% (S/L). However, we have anticipated, majority of this move (see previous update) and understand to expect without expectations. We can break out of range to the upside as we are on an uptrend. Essentially, we were planning to enter near Entry 2 but were unsure how to approach so we used the DCA(dollar cost average) strategy between entries 1 and 2 for a potential profit. Still have some unfilled orders but will adjust/ raise our stop that best suits our average. Also, We are not out of the woods here as AXS can continue to melt faces since it has an actual use case and is extremely popular, which is why I don't recommend shorting it. Win or loss, I am satisfied with the scenario and risk/reward factor as I enter every trade as if it's already a loss (no expectations).
wish me luck, pray to the crypto gods for me or else soon I will be saying,
Best wishes,
HONEYITSGONE!
Note
Check out my AXS Idea which led to this short thesis. <deleted>
Note
Shaved off 30% of position @ $75.75 because I am leveraged. Nice return on that shave.
Note
Lowered stop for-profit @ $77.30 because using a higher risk (leverage) strategy here.Note
This is what were working with at the moment.
Please leave a follow, like , comment, and share if you find my analysis and updates to be helpful.
Note
Read comments and updated chart.Note
Read comments on updated chart too!!!
Related publications
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.