$ADABTC - Stalking over, now we dance - 56% gain 1:9 risk/reward
Good day traders and happy Mother’s Day to the ladies in our lives
Speaking of ladies in our lives, let’s take a look at ADA, whom we’ve been stalking since the decline that started on May 2nd. Please see that previous idea (in related ideas below) to get a better picture of my wave count. Basically, we were waiting for ADA to correct to this 50% retracement area of the third wave to look for an entry and we got exactly what we’re looking for.
Based on our RSI resistance trend line being broken in the 4hrs chart, we can safely assume that wave (iv) might be done since we should be expecting higher price action from here to get to our fifth wave target at around 4700 or higher.
So for entry we should look for a pull back to the 3000 sats range with a stop right below the support if you need to have one. For me, this will be one of those trades without a stop since I’m confident on the general direction of ADA. In addition to that, we have quite a bit of fundamental supporting our trade since we’re going to start seeing Shelley roadmap releases in June.
Entry 3000 or if you’re the FOMO type, anywhere as long as we’re trading above the 10 EMA
Stop 2800 or don’t
Target 4700, start taking profits from 4500 and up
R/R ratio: 1:9
Duration: roughly 2-3 weeks
If you have found this to be entertaining or if you hated it, feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi San
*For pure fun and joy, not financial advice. Not a recommendation to buy sell or hold.*
Speaking of ladies in our lives, let’s take a look at ADA, whom we’ve been stalking since the decline that started on May 2nd. Please see that previous idea (in related ideas below) to get a better picture of my wave count. Basically, we were waiting for ADA to correct to this 50% retracement area of the third wave to look for an entry and we got exactly what we’re looking for.
Based on our RSI resistance trend line being broken in the 4hrs chart, we can safely assume that wave (iv) might be done since we should be expecting higher price action from here to get to our fifth wave target at around 4700 or higher.
So for entry we should look for a pull back to the 3000 sats range with a stop right below the support if you need to have one. For me, this will be one of those trades without a stop since I’m confident on the general direction of ADA. In addition to that, we have quite a bit of fundamental supporting our trade since we’re going to start seeing Shelley roadmap releases in June.
Entry 3000 or if you’re the FOMO type, anywhere as long as we’re trading above the 10 EMA
Stop 2800 or don’t
Target 4700, start taking profits from 4500 and up
R/R ratio: 1:9
Duration: roughly 2-3 weeks
If you have found this to be entertaining or if you hated it, feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi San
*For pure fun and joy, not financial advice. Not a recommendation to buy sell or hold.*
Comment:
Current mood: Still haven’t closed under 100 MA despite selling pressure from BTC and despite trading below our structure trend line. As long as we don’t close under the 100MA, we still have a chance to bounce above the 10D EMA. If we have a clear break from our structure trend line with a close below it and the 100D MA, we’ll likely see 2600. Make sure your stops are tight
Comment:
This chart is more correct
Comment:
After some much needed soul searching, it looks like ADA is finally ready to dance
Comment:
Everything we need to know about the direction where ADA is going can be seen here in the last 4 daily bars:
1) Tested 200D MA 3 times with success
2) Indecision candle found resistance at 10D EMA
3) Bullish indecision candle with a close that will likely be higher than the previous close, also with a resistance at 10D EMA
IF we break the 10D EMA you can bet your pants that we're going to see a long and strong green bar following these
1) Tested 200D MA 3 times with success
2) Indecision candle found resistance at 10D EMA
3) Bullish indecision candle with a close that will likely be higher than the previous close, also with a resistance at 10D EMA
IF we break the 10D EMA you can bet your pants that we're going to see a long and strong green bar following these
