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This looks ugly. Cardano broke down this triangle📐 and I think there is chance for run to 0.2650 (meaning -35% drop from current price) and even lower. I'm already short from 0.4638 (see the idea below)... ...but setting SELL LIMIT order to previous range low to add another short position on the potential pullback.
ENTRY: local low @ 0.4313
STOPLOSS (SL): local high @ 0.4825
TARGET (TP): height of the triangle projected from midpoint of the local range (SELL LIMIT - STOPLOSS) @ 0.2650
REWARD RISK RATIO (RRR): 3.25
INVALIDATION: when SL level hit
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Trade active
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SELL LIMIT Order filled ✔️
Trade closed: target reached
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Here we go, Target hit! 🎯 Took it's time but the trade had almost no drawdown and it was 99% of the time in profit. Perfect!
i am short from 38. but feeling like to take profit here, or double down? its holding quite well here
bizmark
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@saynab44, if you took profit, you were fine I guess. You could then re-short at 0.4313 as suggested. Now it seems we are headed back down to the target.
Plutusimos
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@saynab44, I'm in similar situation. what i think makes sense is to take little profits like 20% and move sl to entry and ride the short down
kakola
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Good prediction.
fadz911
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Excellent work !! What is next ?
UnknownUnicorn15614419
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Extremely convenient design of the graph for perception. Deal with a good RRR, thanks for the idea)