Hi guys,
Let me first explain how I currently stand in this trade:
- I bought LINK @ 0.00021078 recently on october 1st.
- I sold half my position @ 0.00032700 yesterday because I wanted to secure my profit (55%).
- Now I am looking to re-enter when prices are a little bit more reasonable.
I am planning to buy @ 0.00028125, Why?
- This is just above the 0.618 fib retracement from the top to bottom (approx. 0.000360 to 0.000148).
- Looking at the VPVR this is where volume was relative high (on the hourly at least).
- This is likely the first time since the rally from 0.000148 where the hourly RSI is oversold so I think people will be buying this dip.
If this buy order gets filled, I will place a stop @ 0.00026910, Why?
- I think that LINK can correct further in the short term, especially if BTC decides to enable moonrocket-mode or something.
- By that time the 200 hour MA will be above this level so a bounce is quite likely.
- Relative low volume below this point on the VPVR.
- The profits from the short are 3x more that the potential loss of this stop.
I am fully aware that LINK can just moon from here and that the correction might be allready over.
I just don't want to take that risk when I can play it more safe. I allready made a good profit and still have a good chunk of LINK for the long run if this happens.
If im wrong, I don't care and I will focus on the next trade!
What do you guys think about LINK at the moment?
I would love to hear different views!
Let me first explain how I currently stand in this trade:
- I bought LINK @ 0.00021078 recently on october 1st.
- I sold half my position @ 0.00032700 yesterday because I wanted to secure my profit (55%).
- Now I am looking to re-enter when prices are a little bit more reasonable.
I am planning to buy @ 0.00028125, Why?
- This is just above the 0.618 fib retracement from the top to bottom (approx. 0.000360 to 0.000148).
- Looking at the VPVR this is where volume was relative high (on the hourly at least).
- This is likely the first time since the rally from 0.000148 where the hourly RSI is oversold so I think people will be buying this dip.
If this buy order gets filled, I will place a stop @ 0.00026910, Why?
- I think that LINK can correct further in the short term, especially if BTC decides to enable moonrocket-mode or something.
- By that time the 200 hour MA will be above this level so a bounce is quite likely.
- Relative low volume below this point on the VPVR.
- The profits from the short are 3x more that the potential loss of this stop.
I am fully aware that LINK can just moon from here and that the correction might be allready over.
I just don't want to take that risk when I can play it more safe. I allready made a good profit and still have a good chunk of LINK for the long run if this happens.
If im wrong, I don't care and I will focus on the next trade!
What do you guys think about LINK at the moment?
I would love to hear different views!
Trade active:
Chainlink is more bullish so far than I had imagined. Therefore I am re-purchasing some LINK at current prices @ 0.00030150. The 100 hour MA is acting as support for now and the hourly RSI is oversold for the first time since the rally from 0.000148!
I still keep my current trade orders open but I have changed the plan a little bit:
-Bought back 25% of my initial position @0.00030150
-The potential buy order @0.00028125 remains open for the additional 25%
-The stop level remains the same for now
I still keep my current trade orders open but I have changed the plan a little bit:
-Bought back 25% of my initial position @0.00030150
-The potential buy order @0.00028125 remains open for the additional 25%
-The stop level remains the same for now
Trade active:
Buy order got filled @ 0.00028125
Trade closed: target reached:
-The entry worked quite well, found support close to the 0.618 fib and stop was not triggered.
-I consider this trade finished.
What i will do now is raise my stop from time to time to protect profits.
I will post any future trades on LINK in a new post.
-The entry worked quite well, found support close to the 0.618 fib and stop was not triggered.
-I consider this trade finished.
What i will do now is raise my stop from time to time to protect profits.
I will post any future trades on LINK in a new post.