Cardano ( ) is pretty solid, so its price holds nicely when it retraces, great for the type of trade that I was looking for.
Now, back to the patterns, here is what I noticed in the past few weeks for how retraces:
- ADABTC (ADAH19 to be more specific), for the past few weeks, retraces ~17% on big up waves and ~6% on lower up waves.
- The goes below neutral line as well on the big up wave retrace, and remains above with the smaller ones.
- The same goes for the and oversold.
Here is the chart for a closer look:
Realizing that the retrace was completed (there are many other tools that can be used to reach this same conclusion), I came up with the following trade, which generated great profits in a matter of hours:
Trade: LONG ADAH19
Buy In: Up to 0.00001158
Time Frame: 1H
(1) 0.00001177 -Reached
(2) 0.00001190 -Reached
(3) 0.00001200 -Reached
Stop Loss: Close 1H candle below 0.0001145
Profit Potential: 53.85% ROE
Here are the charts for the trade:
And that is all for today!
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Have a great week ahead.