FieryTrading

πŸ”₯ ALPHA Long Term Channel Trade

Long
BINANCE:ALPHAUSDT   ALPHA / TetherUS
Around three weeks ago I made an analysis on ALPHA and the channel it was in. At the moment, the price is right in the area which I earlier indicated as a potential long area. Take a look at the post for reference.


Since the price reversed quite sharply from the $1 area, it might be a great time to trade this channel.

On the chart I’ve marked two potential areas of resistance, R1 and R2. These areas are based on recent swing highs and round numbers. Do your own due diligence.

Happy trading!
Trade closed: target reached: Closed at 1.79
Profit = +48%
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βœ…2021 result: +228% per week

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Comments

invalidated?
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Great chart. Tks mate:D πŸš€πŸš€πŸš€
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hello, thank you for your analysis.
can you please do another one ?
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FieryTrading Vattanace
@Vattanace, Hey, the current long term analysis for ALPHA is still valid since the TP/SL haven't been hit yet.
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Vattanace FieryTrading
@FieryTrading, i see bro, thank you a lot
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Hello, thank you for the analysis.
I have a quick question about your "channel" idea. I know what a channel is, but is it applicable to the chart with log-scale? I mean your y-axis of the chart is kind of log scale, previous high and low and current high and low(predicted) are different in scale.

Anyway I agree with your idea.
Reply
FieryTrading CharlesPark
@CharlesPark, Hey Charles. When trading crypto I exlusively trade with log-scales. Log scales correct for exponential growth that some of the crypto's see over longer periods of time.
When trading with a normal scale, seeing market patterns becomes very difficult when you look at time frames larger than 15m. Take a look below for an example:





As seen in the pictures above, the normal scale is useless for seeing patterns on longer TF.
Reply
CharlesPark FieryTrading
@FieryTrading, Thank you for your quick answer. I should study more!
Reply
Thank you :D!!
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@b_wolf_s, my pleasure broπŸ”₯
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