I usually don't go for trend reversals but this would be good practice. My confidence level isn't very high on this one so I am taking a small position.
Details in screenshot. Aside from the technicals listed it is likely playing off the overreaction from an earnings report. We stopped directly at the golden channel. It's a large swing trade so remember to use properly risk management. You don't want to risk losing 10% of your portfolio in one trade.
Protect your money.
There is a potential smaller scale trade at the higher green value zone but I am comfortable waiting on that second value zone.
Asset:MATIC
Trade Type: Long
Why I like it
1. Monthly
2. 2 Daily Supports
3. Multiple Fib support
4. Macro point of control
Entry: 0.9286
Stop Loss: 0.8136
TP1:1.0811
TP2: 1.2219
TP3: none or 1.6411
Details below but I will be keeping an eye on this opportunity. I doubt I will do TP3 myself but if you are greedy it's an option. Also, I was unsure on the stop loss on this. Basically you can set it just outside the resistance zone or you can move it up higher to the previous week value area high. I think i prefer the smaller stop loss.
Asset:MATIC
Trade...
We have a triangle forming on the daily and in conjunction to a fib time pulled from the last higher low, higher high and back down to the latest lower low suggest we should see some breakout action within the next day. Have you trade ideas lined up. :)
Linked my current trade ideas for the situation.
Trade Type: Long
1. Weekly
2. Macro CC
3. Weekly Support
4, Multiple Fib Retraces
Entry 0.3117
Stop Loss: 0.2990
TP1: 0.333
TP2: 0.355
Set SL to entry price after TP1. You could have a rolling TP3.
Short Idea
1. Daily Pivot
2. Multiple fib pulls including GC
3. R1 and Weekly pivot before stop loss
4. Market structure is downwards
Entry point: .3380
Stop Loss: .3420
TP1: .333
TP2: .3295
Consider adjusting TP1 based on reactions to EMA50/VWAP.
Good ole BTC. It's been consolidating in a small range for the past few days. I don't like taking a trade at this price(22200-22500) but here are the trades I am going to look out for depending on which way we move.
Trade Type:Long
Despite price being surpressed at a multi-month level we are seeing signs of an overall uprward market structure change(still...
Trend trade on DO
Why I like this idea:
1. Strong, healthy bullish market structure(higher highs, lower lows for months)
2. Well defined channel
3. Obeying fib retracements well
5. Weekly pivot S1 as support at entry, s2 as support around stop loss
6. Confluence of fib retracements
Entry: 11.55
Stop Loss: 10:39
TP 1: 12.80
TP 2: 13:97
Trend trade on FTI(not FTX, lol).
Why I like this idea:
1. Strong, healthy bullish market structure(higher highs, lower lows for months)
2. Well defined channel
3. 50 EMA is acting as support
5. Local fixed range volume area as support
6. Local fixed range volume POC as support
7. A confluence of fib levels such as GC, 382 and 236.
Entry price is at local...
Pretty straightforward setup that might come up on X. Reason why I like the trade:
1. The asset has a multi-month market structure of printing higher highs and higher lows.
2. It is obeying retracement levels fairly well
3. EMA 50 is acting as support
4. We have a local, naked point of control for support
5. We have a confluence of retracement levels including...
