Ride the Tezos trend
On the daily we see we are still in a strong uptrend, as well as on the 3D chart. A weekly chart of Tezos does not provide enough history to analyse.
On the 4H timeframe we have formed a higher low and price is around the EMA now.
The Stoploss is below the bottom wick at the bottom of the higher low.
I expect the price to rise to a higher high in the 4$ zone, and take profits there.
This trade setup has to play out with some power, otherwise I will scratch the trade and get out hopefully at break even.
I would not recommend to follow this trade, and this is a trend following trade but the daily trend up was so fast that it would be logical for the price to pullback to the EMA on the daily, which is far away and make this a higher risk trade that needs to be monitored frequently.
I will keep an eye on Tezos to find a good entry, or let it go.
SL: 3.29
Entry: 3.49
TP: 3.95 / 4.05
R/R Ratio: 1:2,5
Note
Daily / Weekly chart show a strong uptrendNote
Stop was reached. I had set a stop alert, and it woke me up, and I assessed the situation and sat through the draw down, because of BTC again. I'm still in.
You could enter again, if you were in it, but I would not recommend it, because of the choppyness of BTC, that has a huge effect on Tezos.
Although the trade setup is still valid, the R/R ratio is not good enough for this Tezos trade. The stop is too far away.
I'm going to sit it through and see what I can get out of it.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.