IOTA USD: Quick 30% Profit
Updated
Can't explain too much right now, too many coins to look at, i'll update as we go.
Take a look at our last published ideas on IOTA, you will understand this coin a lot better!
Always think consider two scenarios in your trades;
1. The market goes along with your technical analysis + gut feeling and you are in the green, good job! Now bring your excitement level down, remove your initial investment on the first profit target, maintain the profit on the trade until 2nd profit target and close the trade. I set stop-loss at - 10% and 2 profit targets at 10% and 15%, I stick to them no matter what.
If you are increasing your portfolio by 10 - 15 % on successful trades, you are making money.
2. The market doesn't go along with technical analysis + gut feeling and you are now in the red and losing money fast, what do you do? Most traders would go into hyperdrive mode re-analyse the technicals, doubt their decisions and inevitably alter the initial trade parameters. Personally, this is where I refer to previously established stop-loss targets and I stick to them no matter what.
The market is against you and it was you that wanted to play with the big boys, welcome to the game, now give me your money. Stick to your stop-loss, stay away from the sharks.
THE TRADE
This is what I believe will happen; THIS IS JUST AN IDEA AND MY OPINION, NOT INVESTMENT ADVICE!
Scenario 1 - Quick 30% Profit
IOTA bounced off lower support line, breaks red downward trend, RSI Stochastic bottomed, all important signals = Entry Point = We bought in at our last idea's entry point 3.64$, but I believe any entry point up 4.0$ based on a successful breach of the red downward trend is a good buy.
SUCCESSFUL BREACH OF DOWNWARD RED CHANNEL IS MANDATORY TO INITIATE THIS TRADE.
1st Profit Target (10%) = 4.30$
2nd Profit Target (15%) = 4.49$ * this is an important profit level, as price has to cross and hold 4.45$ strong resistance area.
3ed Profit Target (30%) = 5.00$
Stop-Loss = 3.51$ (-10%)
Any questions or critiques, leave a comment.
Take a look at our last published ideas on IOTA, you will understand this coin a lot better!
Always think consider two scenarios in your trades;
1. The market goes along with your technical analysis + gut feeling and you are in the green, good job! Now bring your excitement level down, remove your initial investment on the first profit target, maintain the profit on the trade until 2nd profit target and close the trade. I set stop-loss at - 10% and 2 profit targets at 10% and 15%, I stick to them no matter what.
If you are increasing your portfolio by 10 - 15 % on successful trades, you are making money.
2. The market doesn't go along with technical analysis + gut feeling and you are now in the red and losing money fast, what do you do? Most traders would go into hyperdrive mode re-analyse the technicals, doubt their decisions and inevitably alter the initial trade parameters. Personally, this is where I refer to previously established stop-loss targets and I stick to them no matter what.
The market is against you and it was you that wanted to play with the big boys, welcome to the game, now give me your money. Stick to your stop-loss, stay away from the sharks.
THE TRADE
This is what I believe will happen; THIS IS JUST AN IDEA AND MY OPINION, NOT INVESTMENT ADVICE!
Scenario 1 - Quick 30% Profit
IOTA bounced off lower support line, breaks red downward trend, RSI Stochastic bottomed, all important signals = Entry Point = We bought in at our last idea's entry point 3.64$, but I believe any entry point up 4.0$ based on a successful breach of the red downward trend is a good buy.
SUCCESSFUL BREACH OF DOWNWARD RED CHANNEL IS MANDATORY TO INITIATE THIS TRADE.
1st Profit Target (10%) = 4.30$
2nd Profit Target (15%) = 4.49$ * this is an important profit level, as price has to cross and hold 4.45$ strong resistance area.
3ed Profit Target (30%) = 5.00$
Stop-Loss = 3.51$ (-10%)
Any questions or critiques, leave a comment.
Trade closed: stop reached
Crossed 3.51$ stop-loss, if it keeps going down it will test 3.0$ support.
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