Goodmorning Traders,
A colleague asked me to look at Dash-USD
I thought it might be nice to explain how I sometimes confirm a trade for either opening or closing.
I know the chart looks busy, but in chronological order, Ill explain my steps. Marked by the symbols +/- or neutral
- First look at the levels on Daily for support and resistance, potential stop area, and targets / neutral score
- Look for candle formations and shapes > Double Top potentially forming -
- MACD and DMI still have bullish indications +
- RSI is not at an extremely nice level for strength, hence the rejection so far of the previous high. So be wary of the strength in the market for a hard push -
- The last step was to have a larger timeline Fibonacci overlay, which confirms our levels both in support and resistance zones and for future potential targets
Conclusion: wait for more clarity before opening a position, if you already in DASH monitor your position closely.
Sometimes logic (double top) doesn't mean anything in crypto. Most often it does do> risk/reward ratio. Which is not positive atm.
Wait and be patient, don't chase money. Let the trade come to your conditions, where to a certain degree you can control risk.
Best of luck
A colleague asked me to look at Dash-USD
I thought it might be nice to explain how I sometimes confirm a trade for either opening or closing.
I know the chart looks busy, but in chronological order, Ill explain my steps. Marked by the symbols +/- or neutral
- First look at the levels on Daily for support and resistance, potential stop area, and targets / neutral score
- Look for candle formations and shapes > Double Top potentially forming -
- MACD and DMI still have bullish indications +
- RSI is not at an extremely nice level for strength, hence the rejection so far of the previous high. So be wary of the strength in the market for a hard push -
- The last step was to have a larger timeline Fibonacci overlay, which confirms our levels both in support and resistance zones and for future potential targets
Conclusion: wait for more clarity before opening a position, if you already in DASH monitor your position closely.
Sometimes logic (double top) doesn't mean anything in crypto. Most often it does do> risk/reward ratio. Which is not positive atm.
Wait and be patient, don't chase money. Let the trade come to your conditions, where to a certain degree you can control risk.
Best of luck