LINK/USD - Coinbase Daily Chart -- Long
I am liking this setup. We broke the red resistance line that I created. not only that, we are getting a convergence of the two MA with the 20 potentially crossing up the 55.
Things I like about this setup :
Above the 20 MA
Broke the red resistance line
Forming an uptrend (green line)
Above the two Ichimoku indicators (conversion/base) for more support
I like to play this a bit conservatively and wait until it comes back down to the 1.77 region. if we can get both 20/55 MA to come together tightly and we are still above the green uptrend, I would place a buy and have a target of $2.00 before its first "correction". According to my chart, that will be a 11% increase, not bad at all.
I do have a tight stoploss around 2.5% that you can adjust given your risk tolerance. As much as I would like to extend it to say 3%, my risk management senses are telling me no.
I can see this also going further ahead and the price could be in the red cloud by the time the MA's converge. If that's the case, you could place a stoploss below the two MA's. I would prefer the price comes down to my setup but if not, then I would have to take a look at other factors like Volume at time of bounce etc...
if we can get above the cloud and hold the uptrend, I would feel comfortable getting in again for the next wave up
Things I like about this setup :
Above the 20 MA
Broke the red resistance line
Forming an uptrend (green line)
Above the two Ichimoku indicators (conversion/base) for more support
I like to play this a bit conservatively and wait until it comes back down to the 1.77 region. if we can get both 20/55 MA to come together tightly and we are still above the green uptrend, I would place a buy and have a target of $2.00 before its first "correction". According to my chart, that will be a 11% increase, not bad at all.
I do have a tight stoploss around 2.5% that you can adjust given your risk tolerance. As much as I would like to extend it to say 3%, my risk management senses are telling me no.
I can see this also going further ahead and the price could be in the red cloud by the time the MA's converge. If that's the case, you could place a stoploss below the two MA's. I would prefer the price comes down to my setup but if not, then I would have to take a look at other factors like Volume at time of bounce etc...
if we can get above the cloud and hold the uptrend, I would feel comfortable getting in again for the next wave up
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