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Hey gang! Today we see Tezos in an uptrend and showing no sign of stopping. Let's take a look at some levels and see if we can't find an entry.
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STRATEGY USED:
Range Retester
Trend Confirmation = Directional Bias
Entry Signal = Orderblock Mapping with or without retest of Directional Bias Range
Exit Signal = Triggers OR Directional Bias OR Orderblock Mapping
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1. Directional Bias is showing an uptrend (Teal bar color) for XTZ/USDT on the 1 hour chart.
2. With this strategy we want to enter on retests of ordeblocks while in an uptrend (Teal bar color).
3. We are first and foremost looking at S1 support for an entry due to the bullish orderblock and prior swing highs that should soften any type of dump to that level.
4. Next level we would be looking at S2 support. The idea here is to front run the top order block to ensure an entry at that level in case anyone has their eye on it.
5. Either setup is valid and depending on what risk:reward you are looking for, R1 and R2 are both valid ranges to consider an exit using the bearish orderblock clusters.
6. Alternatively we will exit if Directional Bias shows a downtrend (Maroon bar color) or scale out if we get an L tp (long take profit) signal from Triggers.
Note
Price came down for an entry at S1 Trade active
*Alpha Triggers has since gotten an update pushed so the plot locations of its signals are different from the original post.We are coming down off the highs above, the S1 entry did not hold as full support and we then had our S2 entry filled. Thankfully it seems that S2 range is acting as short term support and we are hoping for more upside continuation off the current bullish retracement.
Note
R1 range reached :)
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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.
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.