Playing Fetch For a 24-40%+ Reversal Swing Trade
Updated
- Falling wedge structure with a 261.8% downside support.
- Hourly and 4 hour are showing Bullish Divergence
- Double bottom on price structure with a small breakout and retest of the falling wedge resistance turned support.
- Higher risk trade due to newer listing.
- Hourly and 4 hour are showing Bullish Divergence
- Double bottom on price structure with a small breakout and retest of the falling wedge resistance turned support.
- Higher risk trade due to newer listing.
Note
Strong breakout from my initial entry for 18% gain.Retraced back to the 50% fibonacci level from the impulse and is forming a continuation bullish pennant.
Trailing stop loss below the initial retrace to secure 8% profit in case the trade turns back down from here.
8% from our initial risk is still a 3-4 RR trade.
I see a 17-20% continued upside with a breakout in the next 24 hours hopefully.
If not, the profit will be secured and we will move on to the next trade.
Hope you guys enjoyed this one. :)
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