What I like
- Bullish Pendant breakout on the daily timeframe.
- Tailwind from crypto sector. Trump is in favour of crypto. I track the relative strength of 60 over sectors, see attached excel, and crypto sector (BLOK) is one of the strongest
- Cup and handle formation
- It is a healthy chart. Burst higher -> consolidation -> burst higher. Repeat
Trade plan
- Intend to hold this for a longer period. I have initiated a small position in today's breakout (~293). Wait for the full cup and handle formation, and add on shares when it breaks out again.
- Bullish Pendant breakout on the daily timeframe.
- Tailwind from crypto sector. Trump is in favour of crypto. I track the relative strength of 60 over sectors, see attached excel, and crypto sector (BLOK) is one of the strongest
- Cup and handle formation
- It is a healthy chart. Burst higher -> consolidation -> burst higher. Repeat
Trade plan
- Intend to hold this for a longer period. I have initiated a small position in today's breakout (~293). Wait for the full cup and handle formation, and add on shares when it breaks out again.
Trade closed manually
Closed. On the daily timeframe, I do not like how it gap filled and continued lower. Thats a sign of weakness. I shall wait for further consolidation before entering again. Good trading habits reminder
1. Small exposure only. (since my plan was to add whenever the stock acts right). So my loss here is very minimal.
2. We are in the business of risk management. I'm not going to wait for 244 support level to take me out.
3. Crypto also seems to be rather weak now. Maybe my thesis of tailwind from crypto sector is wrong. As long as Bitcoin and USDT dominance remains high, crypto will not pump
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.
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.