Nice reversal pattern here on TRX. I've been watching this over the last 12-24 hours. It has shaped up nicely and is currently trying to break above the neckline at 325. Looking for confirmation with volume and (like always) this will be subject to if BTC stays relatively stable. We have the 200 MA on the hourly as the final possible pushdown, but as long as we crest that then we've got a nice little run up here.
Entry signal is breaking neckline and 200 MA with confirming volume. Targets corresponding to potential resistance at 337, 345, 355. This is only a short term move as TRX is still in a heavy downtrend. After exit, I'll be looking for a good entry to short this back down (possibly at the 355 resistance).
Entry signal is breaking neckline and 200 MA with confirming volume. Targets corresponding to potential resistance at 337, 345, 355. This is only a short term move as TRX is still in a heavy downtrend. After exit, I'll be looking for a good entry to short this back down (possibly at the 355 resistance).
Trade active:
Nice breakout with confirming volume. Currently sitting at the psychological resistance of 330. I expect this to just be a pitstop. It looks like we're flagging out and simply consolidating a bit before the next move.
For exits, I am shaving 10% at 337 as I think the higher targets (345/355) are the greater potential pivot points. The IH&S was projected to drop us around 448 so I think these are equally likely to serve as pivot spots. BTC will probably be the biggest factor here. Right now, it staying stable and slowly moving up, which is positive for alts. However, it is doing this on low volume and we could see this change in a flash. I'm moving my SL along with the trade (trailing by 9) in case of a flash BTC dump.
For exits, I am shaving 10% at 337 as I think the higher targets (345/355) are the greater potential pivot points. The IH&S was projected to drop us around 448 so I think these are equally likely to serve as pivot spots. BTC will probably be the biggest factor here. Right now, it staying stable and slowly moving up, which is positive for alts. However, it is doing this on low volume and we could see this change in a flash. I'm moving my SL along with the trade (trailing by 9) in case of a flash BTC dump.
Trade active:
Target 1 reached (-1 sat; 336). If you're on an exchange that charges equal maker/taker fees then go ahead and shave off your profit. As I said above, I'm taking 10% but adjust this based on personal strategy and risk tolerance. Move SL up to break even to make sure that you lock in profits and let this continue to ride.
Trade closed manually:
Went ahead and closed this in profit. Hit target 1, but didn't have the follow-through volume. Entirely possible that this could bounce back, but better to take profits in the currently indecisive market.
TRX tends to have extreme runs (in both directions). For coins like this, I like to keep a small "moon" bag. Essentially, this is 10-20% of your stack that you keep open with a trailing stop in case it goes parabolic.
An interesting development here is that TRX has performed a nice potential set up for a cup and handle. Additionally, TRX has a release of the TVM on 8/30. We're reaching where I'd expect the handle to possibly form. If I see this set up play out then I'll post up a chart for it.