Targeting $60 with profits along the way. Neckline on this Cup and Handle pattern has been broken and we have a good entry price here at $42. SL will be just below $40 with a rrr of 5.8.
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Taking some profit and raising SL's to just above break-even
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Traders,
AVAX has hit another resistance level, 55.52. Exactly where I pulled more out! This is more proof as to why it is important to have your levels drawn out. I am still amazed by technical precision even after doing this for so many years.Here’s the plan going forward. I have raised my stops on this trade to that 43.32 level below. This puts us all in the profit on this trade regardless of what happens next. If we drop back down to that 49.81 level, I’ll re-enter what I have just pulled out for profit. If we don’t, I continue to trail my stops on the way up until I am stopped out.
Congrats on the 47% profit to those who followed me in this trade!
Stew
Trade closed: target reached
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Traders,
This was a great little trade. In just 13 days we were able to bank 70% profit. I sold my remaining holdings at nearly $64. If I were to re-enter AVAX, I’d look to do this at around $43-$49.
re-entering in this range? Or too bearish on BTC to make a move atm?
stewdamus
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@Salmonchild695 I don't think you are wrong to at least start DCA'ing in during this dip. I don't know how far BTC pulls back, but my guess is that it won't be too much longer (maybe a couple of weeks or so) and the bulls will show up again. This is a perfect btd opp!
jakeirishvideo
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Nice Stew! I believe your RRR was miscalculated? Potential P: $60 - $42 = $18 Potential L: $42 - $40 = $2 RRR: $18 / $2 = 9
stewdamus
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@jakeirishvideo, Damn it. You're right. I actually never paid attention on how to calculate that. I just moused over the Long Position drawing and it gave me 5.8. But also, I actually did enter a bit higher than $42 here. 42.73 to be exact.