dtingbudong

CAKE Token: Long the brief Dip

Long
BINANCE:CAKEBUSD   CAKE / BUSD
The PancakeSwap token CAKE has sold off its recent highs in a solid uptrend that also sees BTC attempting new highs.

OBV is strong and did not decline at the peak which suggests a H&S is not in play. With other alts alternating pumping and selling off, CAKE is an excellent buy at these prices with BTC and SPY surging to new highs. Get on the trend and don't over think it too much. Target is $30+ by May.
Comment: ooops - good idea but terrible entry (I'm not on margin, so it doesn't much matter). It looks like we tested the $21.30 fib zone again and made a higher low. Let's see if we can break through $24 this time.
Comment: double bottom confirmed. Let's go!
Comment: I really really thought about closing half at $27 given S&P 500 weakness. But I decided to keep the faith (and the system) and, given the strong volume today, refuse to close anything till 30.

I did put in a stop loss at $26 though.
Trade closed: stop reached: modified stop flipped at $26.
Trade closed: target reached: Closed another half upon touch of upper trend line (29.30)

I now have 1/4 of my original position

Comments

Closed the rest at $30. Target achieved
Reply
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