For those who were following my last LINK/USD trade I ended up buying the dip @ $2.57 and selling @ $2.76 for a nice %7 trade. Nothing ground breaking, but a nice trade that got me closer to my goals.
Anyway, I'm thinking we have another opportunity to make some nice profits. Currently, we are trading inside a relatively large bullish triangle. I anticipate range trading for the next day or two, then a nice break to the upside. Another plus is the bearish divergence (I know this is counter intuitive) on the RSI.
In short, the bullish triangle, decreasing RSI momentum and a strong upward trend line leads me to believe a breakout is coming.
So how do we trade this?
1. Set a limit order near the support trend line of the triangle with a stop just below.
2. Wait for price to price to break though the resistance trend line of the triangle and buy a retest of support.
3. Buy after a 1-4hr candles closes above the resistance trend line of the triangle.
Let me know your thoughts in the comments! Also, If you find my TA useful please hit the like button and subscribe!
Anyway, I'm thinking we have another opportunity to make some nice profits. Currently, we are trading inside a relatively large bullish triangle. I anticipate range trading for the next day or two, then a nice break to the upside. Another plus is the bearish divergence (I know this is counter intuitive) on the RSI.
In short, the bullish triangle, decreasing RSI momentum and a strong upward trend line leads me to believe a breakout is coming.
So how do we trade this?
1. Set a limit order near the support trend line of the triangle with a stop just below.
2. Wait for price to price to break though the resistance trend line of the triangle and buy a retest of support.
3. Buy after a 1-4hr candles closes above the resistance trend line of the triangle.
Let me know your thoughts in the comments! Also, If you find my TA useful please hit the like button and subscribe!