TechNerdOmar

ChainLINK Presents us with a New Entry Point

Long
BINANCE:LINKBTC   ChainLink / Bitcoin
The trade is in the chart. A long position with potential loss of 4% and potential gain of 12%. RSI gives us a local divergence and we have three bullish reversal candles which make an ascending triangle on lower time scales. This trade should be done in the hourly chart actually. Anyway, manage your risk. Set your stop loss so that you lose at most 4% of your allocated capital on this trade. Once we go up about $1.2 (we gain as much as we are risking), then raise your stop loss to the entry point so that at the worst case, you break even and you keep your capital without loss. Good luck.

You can view this chart here.

Also look at my LINK/USDT hourly chart, but on this chart, the trade doesn't look very lucrative :(
Comment: Last night's drop should have exited in trades on the hourly. I will shortly write another idea for the hourly LINK/USDT. For this trade, it is still in play because the stop loss was not hit.
Comment: This trade almost reached its target. My opinion is to exit and re-evaluate. The most obvious part of re-evaluation to me was that I got the ascending triangle wrong the first time. A triangle is defined by three touches on each side. Now, the third touch on the top side has completed, but this requires a higher top than what I had before.
In conclusion, the chart becomes as follows:


You can also view the chart itself by clicking the link in the original post above.
Comment: This trade is going well. Time to raise the stop loss to the top of the triangle.


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