ICP is within a descending correction and we're in the E wave now. Sometimes the E wave can fall short so we should be prepared if we breakout early.
Risk entry would be a break of the descending trendline. Ideally we'd want ICP to make another low but we should be prepared for both scenarios.
Trade Idea:
- simply wait for the breakout and enter with stops below the lows
- If we drop lower once more, watch for lower timeframe trend reversal patterns e.g. bullish engulfing candles on 4H. Enter then with stops below the lows
- Targets: 37, 57, actively manage the rest
Goodluck!
Risk entry would be a break of the descending trendline. Ideally we'd want ICP to make another low but we should be prepared for both scenarios.
Trade Idea:
- simply wait for the breakout and enter with stops below the lows
- If we drop lower once more, watch for lower timeframe trend reversal patterns e.g. bullish engulfing candles on 4H. Enter then with stops below the lows
- Targets: 37, 57, actively manage the rest
Goodluck!