DOT/USD 12hr trade set up.
Looking to go long if price action confirms $6.80 as support (Entry option #1).
W/ a break down of $6.80 I will be looking to $6.44 to see if this level confirms as support (Entry option #2)
Most Alts pose a bit higher risk at the moment due to the possibility of Bitcoin breaking down while it flirts with 19.3-19.5k but they also pose a higher reward.
Entry 1: $6.80
Target 1: $7.90
Target 2: $8.60
Stop Loss: 4% below entry based on your own risk.
Entry 2: $6.44
Targets: Nothing changes
Stop Loss: 4% below entry based on your own risk.
Never trade with out a stop loss unless you want your swing trade to turn into a HODL position.
Should support break down and confirm, I will be looking for another Entry at #2.
Looking to go long if price action confirms $6.80 as support (Entry option #1).
W/ a break down of $6.80 I will be looking to $6.44 to see if this level confirms as support (Entry option #2)
Most Alts pose a bit higher risk at the moment due to the possibility of Bitcoin breaking down while it flirts with 19.3-19.5k but they also pose a higher reward.
Entry 1: $6.80
Target 1: $7.90
Target 2: $8.60
Stop Loss: 4% below entry based on your own risk.
Entry 2: $6.44
Targets: Nothing changes
Stop Loss: 4% below entry based on your own risk.
Never trade with out a stop loss unless you want your swing trade to turn into a HODL position.
Should support break down and confirm, I will be looking for another Entry at #2.
Trade active:
Support confirmed. :)
Comment:
DOT is currently up around 4% from entry. Something to consider is upcoming local resistance. Consider moving top loss up 1-2% closer to break even in order to minimize risk. You do not want to make it too tight. Crypto needs room to breath and fluctuate.
Trade closed: stop reached:
After moving my stop loss up the markets shortly after turned. So I booked a loser but a much smaller loser than those who did not move their loss. Saving 1-2% on your losing trades over 30 or 40 trades will improve your win rate drastically over never moving your stop loss. Just some food for thought.
It is starting to feel like fighting the trend so keep your scalps/swings short and do not get greedy if you re-enter.
Entry 2 was hit on this candle but wait for confirmation if you are looking to enter. I found a chart w/ Kraken that had more data so I have moved my analysis from the Binance chart to the Kraken chart which is why the candles may not look identical.
I found there is more structure in the 5.88 range that goes back to 2020
If you take entry 2, lower your target 1 to roughly 7.19
It is starting to feel like fighting the trend so keep your scalps/swings short and do not get greedy if you re-enter.
Entry 2 was hit on this candle but wait for confirmation if you are looking to enter. I found a chart w/ Kraken that had more data so I have moved my analysis from the Binance chart to the Kraken chart which is why the candles may not look identical.
I found there is more structure in the 5.88 range that goes back to 2020
If you take entry 2, lower your target 1 to roughly 7.19
