Long

TRX/BTC - Consolidation and/or Breakout (20-80%)

Updated

Hi all

TRX/BTC looks to have established itself in a new consolidation trend after a sustained downward bearish movement. Bulls have definitely re-entered the market and halted the price decline, and we're also sitting at a strong level of support that has been tested multiple times over the last 2 months.

My personal recommendations:

Enter at the 0.00000435 level.
Stop loss at or below 0.00000405 (6-7%)
Look to take initial profits at 0.00000535 level (23%). This could either be in full, or 50% profits.
Then look to see what happens from there. Price will either hit the consolidation resistance area and move back towards the support zone, or it will try and breakout upwards. Re-enter the trade if a breakout is confirmed.

Hope that helps!

Cheers and good luck,
RJR

Trade active

Heading to sleep shortly, but I've set a buy-in at 0.00000435, and I expect that to be triggered very soon. Haven't had a close above that level, but given the confluence of other signals, I'm comfortable taking the risk on this one.

Stop loss will be 0.00000405.

Trade closed: stop reached

Stopped out of this one! In hindsight (and you should analyze every trade you do) I should have set it below 0.00000400, given the psychological impact of whole numbers like that. For the sake of a percentage point it would have been worth it and the trade would still be active.

In saying that, stops are part of how I trade, and always will be. I'd rather limit small losses than run the risk of holding and incurring a big one. Every trade is different, and this one hasn't worked out (so far) but that's part of the game. Most trades lose as many as they win. It's therefore down to the sizes of your wins and losses over the long-term.

I'm still keeping a close eye on TRX as I think it's going to bounce, and there's definite pressure building up in the VZO on the H4 chart. I'll look to re-enter in the future.

Note

So, I'm incredibly embarrassed by this one, but I missed a descending triangle on the TRX chart last time around! Normally they're something I pick up straight away, but I must have been tired :)

Anyway, I never would have entered any trade until we had confirmation, which is why I deserved to be stopped out of this one.

It's not as clear cut as the NEO one I'm looking at for the moment, but the pattern is there, and more importantly, we're reaching the very apex of it.

Descending triangles are bearish in nature, but upward breakouts on them are very strong. That's what I'm looking for here because: a) price is entering a support area that was formed in late Dec; b) VZO is showing a build up in bullish action over the last 20+ days.

If you're watching TRX then it's make or break time. Always assume a downward break until you see something to the contrary. Be wary of throwbacks (breakout followed by a decline in price to the top pattern line) - they weaken the movement and can lead to a breakdown and reversal.

DreamsDefined

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