SLP/USDT
🟢entry: $0.01667- $0.01629
❌stoploss: $0.01449
🎯tp1: $0.02249- $0.02313
🎯tp2: $0.02767-$ 0.02606
🔼potential %profit: +36.0%
🔽potential %loss: -12.18%
r/r: 2.98
Hi Everyone,
🧪as the market shows strength and rallies, i am looking for coins that have not yet broken out into growth, in an effort to set-up a low-risk/high-reward trade with a clear vision.
🧪SLP is still in a pattern of consolidation/compression; while other coins have broken out of their current range with both volume and momentum, SLP is delayed in this process.
🧪keeping in mind the ever-present uncertainty of trading, situations like this allow me to take a little peek into the future. i expect SLP to behave similar to many other markets that have exploded the past few days (take a look at TRX, for example). however, SLP hasn’t made it’s move yet, which presents an excellent trade opportunity.
🧪with the vision of an inverse head & shoulders pattern, i am entering a long as follows:
🧬buy orders where i expect the formation on a brief “right shoulder”, in the range of 0.01667- 0.01629.
🧬stop-loss below the low of the “head”, with a little extra breathing room, at 0.01449.
🧬first take profit at the 0.5 fib of the last large impulse move.
🧬second take profit near the high of the last large impulse move.
🧪check back for updates as the position progresses.
🧪feedback and constructive criticism is always appreciated.
✌️all good luck and always practice strict risk management!
🟢entry: $0.01667- $0.01629
❌stoploss: $0.01449
🎯tp1: $0.02249- $0.02313
🎯tp2: $0.02767-$ 0.02606
🔼potential %profit: +36.0%
🔽potential %loss: -12.18%
r/r: 2.98
Hi Everyone,
🧪as the market shows strength and rallies, i am looking for coins that have not yet broken out into growth, in an effort to set-up a low-risk/high-reward trade with a clear vision.
🧪SLP is still in a pattern of consolidation/compression; while other coins have broken out of their current range with both volume and momentum, SLP is delayed in this process.
🧪keeping in mind the ever-present uncertainty of trading, situations like this allow me to take a little peek into the future. i expect SLP to behave similar to many other markets that have exploded the past few days (take a look at TRX, for example). however, SLP hasn’t made it’s move yet, which presents an excellent trade opportunity.
🧪with the vision of an inverse head & shoulders pattern, i am entering a long as follows:
🧬buy orders where i expect the formation on a brief “right shoulder”, in the range of 0.01667- 0.01629.
🧬stop-loss below the low of the “head”, with a little extra breathing room, at 0.01449.
🧬first take profit at the 0.5 fib of the last large impulse move.
🧬second take profit near the high of the last large impulse move.
🧪check back for updates as the position progresses.
🧪feedback and constructive criticism is always appreciated.
✌️all good luck and always practice strict risk management!
Trade closed: stop reached:
misread the market, stopped out for loss