Let's try to set up another trade. Last time Monero was fighting to get above 88.50 level was in November 2017, when it broke out after 2 months sideway movement between 70.00 and 88.00. After the initial break just over 88.50, it retraced back to 38.2% Fib level and then shoot back. if also in this case history will repeat, I expect Monero to come back to 85.00 level and then rally.
Many resistance factors are around this level:
1. long term support/resistance (blue line)
2. 38.2% Fib level of last drop from 126.00
3. 61.8% Fib extension level
Trade setup:
- entry at 85.10
- stop loss initially at 75.25 (bellow previous low, will be raised later)
- target 1 at 99.00
- target 2 at 113.00
- final target between 126.00 and 132.00 (will be defined later)
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Many resistance factors are around this level:
1. long term support/resistance (blue line)
2. 38.2% Fib level of last drop from 126.00
3. 61.8% Fib extension level
Trade setup:
- entry at 85.10
- stop loss initially at 75.25 (bellow previous low, will be raised later)
- target 1 at 99.00
- target 2 at 113.00
- final target between 126.00 and 132.00 (will be defined later)
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Trade active
Comment:
Target 1 reached, 1/3 of trade closed.
Comment:
Stop loss raised to 92.00
Comment:
T2 also reached, another 1/3 taken off the table, stop loss for remaining 1/3 raised to 99.00.
Trade closed: stop reached:
Last 1/3 closed with profit at stop loss at 99.
