Good chance to ride waves of retracement!? HUGE momentum abuse!
Updated
Hey tradomancias,
I bet no one out here did not see that huge sell-off on friday.
Congrats to all of you who participated or is swinging this asset.
We just see a huge momentum without any resistance in the way but some profit-safes that day shown by the doji of the last D1-Candle.
What will happen? We don`t know, but I guess we can assume that nobody is willing to buy at this point.
There is two scenarios that I could imagine:
1. We build a flag, consolidate and continue the joruney to the moon.
2. (my favourite)
We see profit-safes whose movements will trigger tight placed stop-loss-levels close the the current price or the next fibonacci-retracement. We`ll probably see a domino-effect causing the market to drop down to the recent resistance-level / fibonacci-levels.
Why am I saying that?
As a bull and TA, it`s pretty hard to find a decent stop-loss at this point. There is no confirmed support-level close to the current price which offers good prices to place your stop-loss unless you are ready to lose a lot profit you`ve made with this crazy momentum. Either you take the risk to loose a lot of profit or you just place a random stop-loss close the current price. As a predator waiting for a good chance to follow that momentum you might wait right now. The prey is faaaaaar away and it`s way to risky to engage at this point. So you`ll probably wait until the market relaxes/consolidates or drops down to a confirmed support level that "guarantees" safity as a part of your strategie.
Otherwise you just gamble...
Good chance to sell? SL at ATH? Might be worth a try.
My experience: The market totally overreacts with emotions and had two days to overthink all decisions it has made. I expect the market to drop and safe profits a bit until we find new bulls buying at decenbt price-levels.
Or news/ fundamental information will destroy my idea! =)
Cheers and good trades my friends =)
I bet no one out here did not see that huge sell-off on friday.
Congrats to all of you who participated or is swinging this asset.
We just see a huge momentum without any resistance in the way but some profit-safes that day shown by the doji of the last D1-Candle.
What will happen? We don`t know, but I guess we can assume that nobody is willing to buy at this point.
There is two scenarios that I could imagine:
1. We build a flag, consolidate and continue the joruney to the moon.
2. (my favourite)
We see profit-safes whose movements will trigger tight placed stop-loss-levels close the the current price or the next fibonacci-retracement. We`ll probably see a domino-effect causing the market to drop down to the recent resistance-level / fibonacci-levels.
Why am I saying that?
As a bull and TA, it`s pretty hard to find a decent stop-loss at this point. There is no confirmed support-level close to the current price which offers good prices to place your stop-loss unless you are ready to lose a lot profit you`ve made with this crazy momentum. Either you take the risk to loose a lot of profit or you just place a random stop-loss close the current price. As a predator waiting for a good chance to follow that momentum you might wait right now. The prey is faaaaaar away and it`s way to risky to engage at this point. So you`ll probably wait until the market relaxes/consolidates or drops down to a confirmed support level that "guarantees" safity as a part of your strategie.
Otherwise you just gamble...
Good chance to sell? SL at ATH? Might be worth a try.
My experience: The market totally overreacts with emotions and had two days to overthink all decisions it has made. I expect the market to drop and safe profits a bit until we find new bulls buying at decenbt price-levels.
Or news/ fundamental information will destroy my idea! =)
Cheers and good trades my friends =)
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Still waiting for a good Chance to go short. Patients my friends! =)Trade active
Breakout triggered my order. Awesome Chance with awesome Risk-Reward-Ratio! Stop-Loss already Breakeven. Entry: 6,95198
1st Target: 6,36
2nd Target: 6,0
3rd Target: 5,66
Trade active
First target reached! =) Sl at 6.45!Note
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Dont get too greedy guys. We had a very nice trade yet! =) SAFE your profits at this point!Note
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let`s find a good price to buy!Trade active
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probably gonna stack up my position at 6,0 close to the 61,8 retracement which is a very nice support (neckline + blue ex-resistance)! #PYRAMIDE .. good luck guys! =)Note
Trade active
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Daytrader: Stop-Loss 6,044Swingtrader: Stop-Loss @ 5,86 (could be worth to stack position)
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