KNC has put in a pattern we have seen in a lot of mooners lately.... breakout, retest ABC, first pop off retest, now a retrace of the wave 1 pop. Wave 3 is next once 2 completes. It looks to be about mid retrace. Targetting the golden zone for retrace entries with breakout longs above pink in case the retrace finished at the .50 fib
are we still bullish on this? I need some hope at this point
TradingTimer63
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bought WAYYYYY too early
BullWick
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@abiraj05, ye 495 is no man's land. The safest entry is always on the breakout of the pink line (retest after breakout is most ideal but hasn't occurred all that often on the big rips). If playing the retrace trade, you have to have target levels with properly placed stops in case this turns into a big retrace of the entire 5 wave move up so far (a valid count albeit not my primary atm). So far I've had 1 buy rung filled on my ladder at 4497 (0.618fib to the tick). More buys waiting below, as is my SL.
TradingTimer63
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@BullWick, that's very useful to know thankyou, think I'm learning the hard way
Just praying for that big bull move now to help with recovery
TradingTimer63
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@BullWick What are your thoughts on what happening with KNC right now? do you think it will atleast recover its value in USD?
TradingTimer63
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managed to buy at around .0000495 - wish me luck!
TradingTimer63
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Thankyou, I left KNC early but believe in its potential and have been waiting to get back in - set my buy order at 0.00004503 to maximise chances