I picked up a very small amount of Doge today on the off chance that this is the start of a bull market.
Doge is a silly coin but it's actually more stable than a lot of the more "serious" cryptos, simply because doge actually has utility and a lot of the serious cryptos are only useful in theory.
For this very small pilot position the stop is selected on the assumption that I only want to be in it if this is the start of a strong bull market, so there's no reason to have the stop much more than one week's price action.
The target is a bit beyond the recent highs because I think with the next bull run it can see some fib extensions that go past a lot of old barriers.
This produces about a 6.5 RRR which is acceptable considering doge is a very risky coin.
Doge is a silly coin but it's actually more stable than a lot of the more "serious" cryptos, simply because doge actually has utility and a lot of the serious cryptos are only useful in theory.
For this very small pilot position the stop is selected on the assumption that I only want to be in it if this is the start of a strong bull market, so there's no reason to have the stop much more than one week's price action.
The target is a bit beyond the recent highs because I think with the next bull run it can see some fib extensions that go past a lot of old barriers.
This produces about a 6.5 RRR which is acceptable considering doge is a very risky coin.
