SoT 2.0 Chartoff Submission Week 3 KMD/BTC
KMD/BTC looks poised for a breakout demonstrated by the following criteria:
-Upward Laddering has started on the 1 hour time frame
-Likely to hold support on a Daily Level from the past
-Daily Trends are coming to an intersecting point on the Daily support level creating a wedge to be broken
I have decided to take entry if a accumulation occurs on the long standing Daily Level from the past. I am waiting to see if this support holds closer to the Daily Down Trend before taking entry to reduce risk then holding for the break of that level. Breakout should occur before March 21st 10:00am. To reduce risk I would potentially use the daily uptrend as a stop if the move goes sideways through Trend which would indicate move failure.
-Upward Laddering has started on the 1 hour time frame
-Likely to hold support on a Daily Level from the past
-Daily Trends are coming to an intersecting point on the Daily support level creating a wedge to be broken
I have decided to take entry if a accumulation occurs on the long standing Daily Level from the past. I am waiting to see if this support holds closer to the Daily Down Trend before taking entry to reduce risk then holding for the break of that level. Breakout should occur before March 21st 10:00am. To reduce risk I would potentially use the daily uptrend as a stop if the move goes sideways through Trend which would indicate move failure.
Comment:
Got entry @ 2660. I may have missed the move here but ill wait to see if KMD breaks the Daily downtrend again. I well now use the Daily uptrend as a stop loss if price floats the level.
Comment:
Stop hit for a loss of 1.22%. BTC dump helped break trend I think. I would consider re-entry if KMD retakes the daily uptrend before the trend intersect.
Comment:
KMD is still in recovery from the BTC dump. It looks like it is respecting previous support levels now as resistance. Opportunity for a move has now passed so on to the next chart!