Hello traders,
It seems that this coin is moving (or at least was moving) within this accending channel, quite neatly bouncing off its support and resistance. We can also assume that it will bounce again, hence the multiple horizontal and diagonal support lines.
Long position can be opened (open interval sits in a purple box) if a bounce is confirmed giving us 1:2 risk to reward ratio (at least).
Stop loss is always a must, but it depends on what kind of R:R you are after. Some hyper-tight stop losses can give us a very nice risk to reward ratios, but if you will be stopped out too early - thats a bugger.
I think the most logical stop/loss placement would be where the previous higher low occured (red line).
And remember traders - the money you trade with should be the money that you are comfortable with never seeing again. Never take positions that are too big for your financial comfort level.
Your aim at should be no more than 1-2% of your total porfolio per trade as it lets you survive through the times unpleasant.
Very best of luck, dear traders.
It seems that this coin is moving (or at least was moving) within this accending channel, quite neatly bouncing off its support and resistance. We can also assume that it will bounce again, hence the multiple horizontal and diagonal support lines.
Long position can be opened (open interval sits in a purple box) if a bounce is confirmed giving us 1:2 risk to reward ratio (at least).
Stop loss is always a must, but it depends on what kind of R:R you are after. Some hyper-tight stop losses can give us a very nice risk to reward ratios, but if you will be stopped out too early - thats a bugger.
I think the most logical stop/loss placement would be where the previous higher low occured (red line).
And remember traders - the money you trade with should be the money that you are comfortable with never seeing again. Never take positions that are too big for your financial comfort level.
Your aim at should be no more than 1-2% of your total porfolio per trade as it lets you survive through the times unpleasant.
Very best of luck, dear traders.