Long

OMG buy the breakout - wedge on USD and BTC

Updated

This one looks like a pretty obvious set up - but you need to wait for the break. I like it when a coin shows the same or very similar pattern against both BTC and USD. In this case, we can get ahead of the breakout on the USD by watching the BTC breakout.

Breakout OMGBTC : 167
Trigger a buy on OMGUSD between $25-$26. However, if you want to be sure of the breakout, you can wait until 26.4 which is the 0.78 FIB level measured from the recent high and low.

Target 1 : 28.5 (last high)
Target 2 : 34.4 (1.6 FIB from recent high and low)

Stop loss : Around 24 (below upward support green line)

Good luck

Trade active

Bought at 24.8usd

Note

False break on OMGBTC driven by a sudden sell off of all coins. I held my position because I expected a quick bounce back on all coins - as we have had over the past couple of days. We are still in the trading triangle, expecting another breakout up or down soon.

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Second go at the breakout. This time the USD has also broken out. Let's see if this one holds.

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You might be interested in this post:

500% return and 5 other reasons you should buy OMG

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Tricky to make money when most coins are red, cash is king in these times. I’m already 25% cash so happy to keep in and move around to value to put perform the market. If you moved from BTC or other stocks to OMG yesterday, well done, you have outperformed the market. According to coinmarketcap, in the last 24 hrs, it has only been outperformed by 4 other coins in the top 30. Two of which are ETH and BCH, which if you check my other posts, you’ll see I’ve recommended.

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Idea updated here:

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monkia

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