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ALGOUSD.P trade ideas
ALGO Long: Update My initial thought was about .65 pivot after the last correction but overthinking and a busy day with errands blindsided me into hoping for a drop even lower, therefore I did not open an order and missed a chance to make a sweet little profit as it did move from .65 to about .69 before a tiny retrace back into the .67s.
The volume is very very steady at a normal pace, not much volatility and seems to trend upward within the channels I've drawn. Buying pressure is winning here and I did go in during this last retrace, albeit a mini retrace and plan on longing until the next target which I have at about .77.
Keeping my stop loss tight as I don't want to lose profit I gained from the long I opened yesterday morning and closed after the run proceeding FIFA news.
If I see price action fall into the support level under the trend line I've outlined, I will look for an exit.
I'm learning TA on my own by reading books, watching videos and trial and error.
If you like my thought or are more experienced and think I'm on the right track, please hit "agree".
Thanks!
ALGOUSD on a strong bullish streak but not a Buy Opportunity yetAlgorand (ALGOUSD) has completed a strong 3 day bullish streak coming close to the 1D MA50 (blue trend-line) again for the first time since the first week of April. Despite this green short-ter display, it is not a buy opportunity yet, as on the medium-term it remains within a Channel Down (dashed lines) and on the long-term it has broken below the Channel Up.
A buy signal will be given, when the price breaks above not just the 1D MA50 but also the Lower Highs trend-line (top) of the Channel Down. This Channel can be seen better on the linear scale:
On the long-term, which will be the safest trade, ALGO will turn into a confirmed buy once the price breaks not just above the 1D MA200 (orange trend-line) but also the 1W MACD makes a Bullish Cross. As you see, the last two MACD Bullish Crosses, have resulted in strong rallies within a 2-year time-frames.
Until those medium and long-term conditions are met, Algorand can be moving lower and lower in accordance to the lower Fibonacci extensions shown on the chart.
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ALGO Uptrend BounceI think based on the support levels, trend lines, 200 day & 14 day MAs and fib levels
we will see an upward click back up toward last nights highs and beyond. After stopping out of my position just before the earlier correction dump, I am averaging back in slowly with SL in place in the event this does not confirm.
I am only creating / publishing for my own learning journey and in no way would want anybody to follow my advice given that I am not a professional or licensed trader.
Algo 4-27-22Algorand divergence creating a possible bullish step-up back into parallel channel, this will most likely happen when our daily stoch rsi is back on the up and up in the next few days.
Referenced below is algorands divergences that have played out in the past. Still bullish on algo, just a long winter!
Algorand Sleeping Giant Algorand is a great blockchain project that isn't as hyped as others but performs the same or better than most of its competitors as well as having the financial backing.
IMO this is a sleeping giant similar to ADA, they just have different goals.
MACD: Continues making higher highs and higher lows along with the price action
RSI: Finding trendline support on the weekly in between oversold and overbought
DYOR.
Tradingviewwillprobablyhidethisideabecausethey'resoftlittlesnowflakesandthemodsarefagssogetitwhileitlasts.
ALGO 4-20-22Chart is very self explanatory, i am personally buying this trade setup. my target buy zone is between .71 and .75, target price as followed 50% sold at tp1, 25% sold at tp2, and 25% sold at tp3 or ultra sell zone depending how btc affects our price action. shares bought- 15,000, profits to be expected 650$-2500$, trade setup is to only be applied over the next 50 or 60 hours. good luck traders!