So finally here it is, my first idea. Just a short intro to my trading activity so far to make it easier for you to interpret my idea. I have started to dig into trading in February, so I am very new to this and you should as always take everything you hear and see with a grain of salt. Do your due diligence and paint your own picture.
So now to the interesting stuff, the trade. My idea is solely based on TA, very simple and basic stuff: areas of previous support and resistance and candlestick patterns. As I see it, ETC is almost done forming a cup and handle pattern. Entry point would be above the right upper lip of the cup with stop loss right below the handle. First tp at 0.0033 based on previous resistance. Let me know what you think.
So now to the interesting stuff, the trade. My idea is solely based on TA, very simple and basic stuff: areas of previous support and resistance and candlestick patterns. As I see it, ETC is almost done forming a cup and handle pattern. Entry point would be above the right upper lip of the cup with stop loss right below the handle. First tp at 0.0033 based on previous resistance. Let me know what you think.
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As others pointed out, there might be a phase of retracement/consolidation before the big move happens. Trade is not active yet, I'll watch closely how price moves tho and plan to enter the c&h breakout as indicated by the long position on my chart.
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In the chart above I added a fib extension for the recent impulse move forming the right wall of the cup. The 1.618 fib level nicely aligns with the suggested first tp at 0.0033.
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Of course I meant the 1.382 fib level and not 1.618 in the previous comment.
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After talking to some other traders, the chances of a nice retracement are very likely and that would produce a much nicer entry. The idea is to enter at the 0.5 fib retracement level. I am still undecided. Will update as soon as I made up my mind. Comments are very welcome, happy to read your opinions!
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Seems like the breakout is happening. Order at the indicated level is set. Lets ride this thing into eternity ;)
Trade active
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Trade is active, but thanks to Kraken's messed up order system the order got filled 4! hours after market hit my target entry level. Thats some 4% above my initial target. Didn't expect so much slippage as my position is relatively small. However, no to the good part: ETC broke out of the c&h pattern very nicely without retracing. Let's see how long we can ride that beast ;)
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Update on how I plan to execute the exit. Once we reach the first tp @ 0.00339418, I will close half of the position and set a sl at break even @ 0.003011.
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It looks like we are hitting some hard resistance. I am locking in profits with a 2% trailing stop. Hope to refill when we retrace. The signs are there and a retracement is very likely: 4h RSI overbought, hitting resistance three times without piercing through.
Trade closed: stop reached:
Got stopped out with a small profit, which was halved by Krakens slippage. I always wanted to switch to polo, and just now I transferred my funds to polo. New chart will come soon, stay tuned ;)
