There will be a breakout in the next few hours of this pair. AXS is extremely bullish but that doesn't matter right now. We will take an opportunity on either side whether it be long or short. To play conservatively wait for 3 candles closing outside for confirmation plus the high volume on the breakout.
If it breaks to the upside, look to start dollar-cost averaging out of long positions as the price gets higher. It may extend and go really high so don't sell everything right away.
If it breaks to the downside on the other hand, just close the short position around the 0.5 retracement of 3 since it is unlikely that such a bullish asset would cut much deeper than that and you don't want to be caught in the move up higher.
The invalidation condition is that breaks out but then breaks out in the other direction, so place stop losses accordingly.
If it breaks to the upside, look to start dollar-cost averaging out of long positions as the price gets higher. It may extend and go really high so don't sell everything right away.
If it breaks to the downside on the other hand, just close the short position around the 0.5 retracement of 3 since it is unlikely that such a bullish asset would cut much deeper than that and you don't want to be caught in the move up higher.
The invalidation condition is that breaks out but then breaks out in the other direction, so place stop losses accordingly.
