Algorand (ALGO) formed big Gartley for upto 157% bullish move
Hi dear patrons, hope you are well, and welcome to the new update on Algorand (ALGO).
Previously we had a nice trade of Algo:
Now on the weekly time frame chart, the price action has formed the final leg of the bullish Gartley pattern. There is also 50 simple moving average support in the buying zone.
Buy and sell targets:
Buy between: $0.8718 to $0.6086
Sell between: $1.07 to $1.57
Stop loss:
The maximum extent of potential reversal zone $0.6086 can be used as stop loss. Or to minimize the risk we can use the 50 SMA as stop loss.
Possible profit and loss ratio:
As per the above targets, this trade has a big profit possibility of 157%, and the high loss possibility is 31% and incase we use the weekly 50 SMA as stop loss then the loss possibility is up to 25%, but as the 50 SMA will be moved up the loss ratio will be decreased.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
Previously we had a nice trade of Algo:
Now on the weekly time frame chart, the price action has formed the final leg of the bullish Gartley pattern. There is also 50 simple moving average support in the buying zone.
Buy and sell targets:
Buy between: $0.8718 to $0.6086
Sell between: $1.07 to $1.57
Stop loss:
The maximum extent of potential reversal zone $0.6086 can be used as stop loss. Or to minimize the risk we can use the 50 SMA as stop loss.
Possible profit and loss ratio:
As per the above targets, this trade has a big profit possibility of 157%, and the high loss possibility is 31% and incase we use the weekly 50 SMA as stop loss then the loss possibility is up to 25%, but as the 50 SMA will be moved up the loss ratio will be decreased.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
Trade closed: target reached