Hey guys, thank you for taking the time to take a look at my Idea :) I'm a new trader, so any advice/suggestion is appreciated.
As you may know BNB has been challenging the CryptoMarket and just going it's own way.
I have noticed that it has been respecting this Pitchfork rather well so I decided to trade it with simple triggers:
If it falls near the bottom blue channel, Buy
If it reaches top green channel or top blue channel, Sell
However, the chart suggests a big movement soon.
As you can see we have broken above the top blue channel and are currently trending exactly on top of it.
So I see 3 possible scenarios (setup alerts and keep an eye to enter/exit the trade at the right timing):
1st> Finds support on the blue channel and start a big parabolic move upwards, completely decoupling from BTC.
Take profits as it moves up. I expect at least a 50% growth before correcting
2nd>Re-enters the pitchfork, and finds support within the top blue channel or the green channel and continues to trend inside it, so you can use the strategy mentioned in the begging of the idea.
3rd>Re-enters the pitchfork but finds no support and breaks above the bottom blue channel.
Short and wait for bullish signals to scale back in.
As you may know BNB has been challenging the CryptoMarket and just going it's own way.
I have noticed that it has been respecting this Pitchfork rather well so I decided to trade it with simple triggers:
If it falls near the bottom blue channel, Buy
If it reaches top green channel or top blue channel, Sell
However, the chart suggests a big movement soon.
As you can see we have broken above the top blue channel and are currently trending exactly on top of it.
So I see 3 possible scenarios (setup alerts and keep an eye to enter/exit the trade at the right timing):
1st> Finds support on the blue channel and start a big parabolic move upwards, completely decoupling from BTC.
Take profits as it moves up. I expect at least a 50% growth before correcting
2nd>Re-enters the pitchfork, and finds support within the top blue channel or the green channel and continues to trend inside it, so you can use the strategy mentioned in the begging of the idea.
3rd>Re-enters the pitchfork but finds no support and breaks above the bottom blue channel.
Short and wait for bullish signals to scale back in.
Stoch RSI/RSI/MACD showing bullish signals on the 2h.