FETUSDT [Watchlist] : Breakout Attempt - When and How to Buy
The price action for
FETUSDT
is currently making an attempt for crossing-up the resistance area after few days of building-up just below. Depending on whether the current daily candle will close above the resistance, it will give traders a good opportunity to take a long position.
Overview: since the Nov 22th low (at 0.0217) the price action has initiatedan upward move while making higher lows (i.e. green curves on the chart). Over the past few days, the price has been building up (grey box) just below the current resistance area between 0.06368 and 0.06059 (i.e. red rectangle ). The bullish structure formation since the Nov 22th low gives bulls good chances for potentially breaking-up the resistance area this time.
FETUSDT-FETBTC Convergence : traders may notice a convergence by looking at the price action for
FETBTC
. The chart clearly provides the same bullish signs described in the
FETUSDT
chart. Finding convergence for an asset traded against two distinct assets generally a good sign. Here's a link for the
FETUSDT
chart :
Risk management: given the elements described in the overview, traders might wait the current daily close to take position or not. If the price closes above the top of the resistance (i.e. 0.06369), it will be a bullish sign since buyers would have been able to push the price above the resistance.
Profit targets and stop loss would be set based on the entry price.
My Trading Principles:
- Risk/Reward ratio: since it is difficult to predict every market movement, it is suggested for traders to only look for trades with a R/R ratio of at least 1:3.
- Stop loss: in addition of the initial stop loss, if the price actually goes as predicted, traders should keep a trailing stop to keep some profit.
- Position Sizing: it is suggested for traders to stick to their position sizing strategy. As a rule of thumb, most retail investors risk no more than 2% of their investment capital on any one trade.
"Remember, plan the trade, trade the plan. Build that discipline."
I will keep updating this trade according to the future price action.
Please support this idea with your likes, thanks.
Best regards,
You can also follow me on :
=> Telegram : t.me/joinchat/Ep5oUhfHgdk3CI-jr-YLUQ
=> Twitter : twitter.com/JordanBadiabo
=> Instagram : www.instagram.com/jordan_badiabo
=> LinkedIn : www.linkedin.com/in/jordanbadiabo
FETUSDT
is currently making an attempt for crossing-up the resistance area after few days of building-up just below. Depending on whether the current daily candle will close above the resistance, it will give traders a good opportunity to take a long position. Overview: since the Nov 22th low (at 0.0217) the price action has initiatedan upward move while making higher lows (i.e. green curves on the chart). Over the past few days, the price has been building up (grey box) just below the current resistance area between 0.06368 and 0.06059 (i.e. red rectangle ). The bullish structure formation since the Nov 22th low gives bulls good chances for potentially breaking-up the resistance area this time.
FETUSDT-FETBTC Convergence : traders may notice a convergence by looking at the price action for
FETBTC
. The chart clearly provides the same bullish signs described in the
FETUSDT
chart. Finding convergence for an asset traded against two distinct assets generally a good sign. Here's a link for the
FETUSDT
chart :
Risk management: given the elements described in the overview, traders might wait the current daily close to take position or not. If the price closes above the top of the resistance (i.e. 0.06369), it will be a bullish sign since buyers would have been able to push the price above the resistance.
Profit targets and stop loss would be set based on the entry price.
My Trading Principles:
- Risk/Reward ratio: since it is difficult to predict every market movement, it is suggested for traders to only look for trades with a R/R ratio of at least 1:3.
- Stop loss: in addition of the initial stop loss, if the price actually goes as predicted, traders should keep a trailing stop to keep some profit.
- Position Sizing: it is suggested for traders to stick to their position sizing strategy. As a rule of thumb, most retail investors risk no more than 2% of their investment capital on any one trade.
"Remember, plan the trade, trade the plan. Build that discipline."
I will keep updating this trade according to the future price action.
Please support this idea with your likes, thanks.
Best regards,
You can also follow me on :
=> Telegram : t.me/joinchat/Ep5oUhfHgdk3CI-jr-YLUQ
=> Twitter : twitter.com/JordanBadiabo
=> Instagram : www.instagram.com/jordan_badiabo
=> LinkedIn : www.linkedin.com/in/jordanbadiabo
