Hey everyone, I hope you are doing well, especially after my great calls the past couple of days. I have another idea, and this time it is for LINK.
Link has recently been a monster, and should be on every traders watch list. It is consistently moving a lot and represents both a lot of room for gain, and loss, so be careful.
The trade setup goes as follows. It appears that right now we are in a w,x,y,x,z correction and we are just starting the Z wave downwards. Pay close attention to the slope we are declining at. It isn't very steep and as a result, I am only expecting the wave Z to hit 0.382 area, despite a 1:1 extension being the 0.5 area.
In addition to this, I believe that we are beginning the wave Z, since the most recent wave X is the exact same length as the previous wave X. And guess what else? The macd before the previous drop is showing the same as before the last drop. We see that it is hovering at the Zero line and might be set to move downwards.
RSI analysis: The RSI is important to watch right now, especially on the 15 minute. We can see that we don't have much steam to carry the RSI into bullish territory. Infact, we are floating in neutral/bearish territory.
All in all, I think that we are headed downwards, to at least the 0.382 region. The stop loss I am setting is at the wave X high. If this breaks, I think we are going to go up a bit further, but for now, we will stick with this T.A.
This means that we have a crazy 5.27 Risk to reward.
I hope you guys enjoyed this t.a and I wish you all the best. Have a great day guys, and good luck trading.
Link has recently been a monster, and should be on every traders watch list. It is consistently moving a lot and represents both a lot of room for gain, and loss, so be careful.
The trade setup goes as follows. It appears that right now we are in a w,x,y,x,z correction and we are just starting the Z wave downwards. Pay close attention to the slope we are declining at. It isn't very steep and as a result, I am only expecting the wave Z to hit 0.382 area, despite a 1:1 extension being the 0.5 area.
In addition to this, I believe that we are beginning the wave Z, since the most recent wave X is the exact same length as the previous wave X. And guess what else? The macd before the previous drop is showing the same as before the last drop. We see that it is hovering at the Zero line and might be set to move downwards.
RSI analysis: The RSI is important to watch right now, especially on the 15 minute. We can see that we don't have much steam to carry the RSI into bullish territory. Infact, we are floating in neutral/bearish territory.
All in all, I think that we are headed downwards, to at least the 0.382 region. The stop loss I am setting is at the wave X high. If this breaks, I think we are going to go up a bit further, but for now, we will stick with this T.A.
This means that we have a crazy 5.27 Risk to reward.
I hope you guys enjoyed this t.a and I wish you all the best. Have a great day guys, and good luck trading.
Trade closed manually:
Get out, link might be reversing.