Since there is very little price history for TRXZ18, I'll be using TRX/BTC (Binance) chart for this trade.
Reason to trade:
- 200EMA on D1 (and 21 EMA on W1) is at my intended entry price
- Price is currently approaching resistance (red rectangle) with an opportunity to short at 2nd rounded retest of resistance (see below)
R:R: 1.87, Entry, SL and Target on chart
Trade Management notes:
- I will start this trade with no SL to avoid any wick up
- D1 RSI is currently +74 and H4 RSI is +84, if these high levels of RSI are not respected then I'll gladly compound/ladder more shorts higher up (and will keep you posted) as price action develops
Reason to trade:
- 200EMA on D1 (and 21 EMA on W1) is at my intended entry price
- Price is currently approaching resistance (red rectangle) with an opportunity to short at 2nd rounded retest of resistance (see below)
R:R: 1.87, Entry, SL and Target on chart
Trade Management notes:
- I will start this trade with no SL to avoid any wick up
- D1 RSI is currently +74 and H4 RSI is +84, if these high levels of RSI are not respected then I'll gladly compound/ladder more shorts higher up (and will keep you posted) as price action develops
Comment:
Price could not even hit my entry and tanked through my target hard and fast. In hindsight, I anticipated the drop right, but unfortunately could not enter the trade.
Comment:
That being said, I am not going to enter this trade now even it goes towards my entry price. From my experience, if price decides to go to my anticipated direction before hitting my entry price, often when it comes back to that price again, it goes against the originally planned direction. My trading rules do not recommend me to enter these types of trade, so I'll let it go this time and look for another better setup in future.
Order cancelled