Our first trade on Binance was with ICX/ETH. We started our account with 4.49 ETH to trade with.
After the initial run of > 14%, we saw ICX/ETH forming a flag with support around 5500. Our plan was to enter the trade when the flag was broken.
Flag Break
Trade Setup:
1. Coin made initial run > 10%
2. Consolidates at (key) support level and forms a flag pattern
Trade Management:
1. Entry: After flag break, above moving averages (9 and 50) for higher probability
2. Profit: 1/2 of initial run (1/2 of 14.6% = 7.5%). Can take partial or “trial” profits at (key) resistance levels.
3. Stop: 1/3 of Profit
Trade
Entry: 5663
Exit: We've decided to take partial profits, 1/2 at 5990 and 1/2 at 6137
Profit: 7.1%
With this trade our ETH's grew from 4.49 to 4.80.
Please like and share if you found this informative and helpful. Leave a comment if you have any questions.
And until next time, good luck with your trading!
After the initial run of > 14%, we saw ICX/ETH forming a flag with support around 5500. Our plan was to enter the trade when the flag was broken.
Flag Break
Trade Setup:
1. Coin made initial run > 10%
2. Consolidates at (key) support level and forms a flag pattern
Trade Management:
1. Entry: After flag break, above moving averages (9 and 50) for higher probability
2. Profit: 1/2 of initial run (1/2 of 14.6% = 7.5%). Can take partial or “trial” profits at (key) resistance levels.
3. Stop: 1/3 of Profit
Trade
Entry: 5663
Exit: We've decided to take partial profits, 1/2 at 5990 and 1/2 at 6137
Profit: 7.1%
With this trade our ETH's grew from 4.49 to 4.80.
Please like and share if you found this informative and helpful. Leave a comment if you have any questions.
And until next time, good luck with your trading!