ALGO POP SOON. Impending Breakouts EVERYWHERE in Crypto.

Just another trade I am taking in ALGO. Pennant flag breakout with rising MACD and MAC above ZERO line. Price has retraced to support and appears to want o breakout higher soon. RISK 1% on trade.

Entry = $1.87475
SL = $1.69454
TP = $3.48
R = 8.88

Trade active:

A bit of a losing trade so far. Fully expect a bounce off support. Keeping SL @ $1.69454

Trade active:

A New BUY signal as we break above yesterday's candle high. Could make an argument to ADD to position but I have alot already committed to correlated trades so will stand pat here. Keeping SL at same level. If this takes off like I expect will look then to raise SL to break even.

Trade active:

And we have LIFT OFF. Keeping SL the same until I have a better chance to reevaluate the trade later today. I am happy about my well placed SL that was never hit in all the movement in price since trade initiated.

Trade active:

Keeping SL the same. We finally had a bounce higher today and another BUY signal. I will hold steady and let the trade mature. Would like to see price get above resistance level at $2.05.

Comment:

Bounced off overhead resistance of $2.05 as I described on yesterday's post. Also bounced off support at $1.93. Need a DEFINITIVE break above $2.05 for me to think this is going to play out as I expected when I entered trade. Slow grind higher.

Trade active:

We FINALLY have LIFT OFF again. Broke above resistance of $2.05. This one finally feels like my analysis will pay off. Looking to ADD to position now that we have shown some strength. Lets see if $2.05 is retested and we get a bounce.

Comment:

Well that breakout didnt last long. Back below $2.05. Will give this trade a little longer because it showed such strength earlier today. Do not want to be shaken out of my LONG position when there are underlying signs of strength. For now slight profit. No changes.

Trade active:

New BUY signal as we broke above yesterday's high as well as above horizontal resistance of $2.05. I saw this a bit late as price is currently at $2.11 but I will place a BUY Limit order @ $2.08134 with SL the same as before @ $1.69454. I am only adding 0.5% Risk to this trade to bring my Trade to 1.5% Total Risk.

Hopefully my Order Fills.

Trade active:

ADD to Position BUY Limit Order filled at $2.08134 just now.

Trade active:

Well somehow this trade is STILL active. SL missed getting hit by the slimmest of margins. Currently losing position here. I have 1.5% at RISK here. A correlated trade to others that hit SL today. I will see what transpires over next to see if SL hits or if this was juts a shakeout of weak LONGS.

Usually these kinds of days where alot of trades are stopped out or I give back profits are turning points in the market that suggest we may see prices retrace a bit. Will need to pause and stay neutral a few days to reevaluate.

Comment:

SL remians $1.69454. Todays LOW was $1.70.

Trade closed: stop reached:

As expected SL hit today.