Long LINK at $31.14 with recent BREAKOUT and support with resumption of the trend as we bounce above the high of the last candle support test low. This signals another BUY signal along with the curling UPWARD of MACD and breaking above ZERO line on MACD. Finally MACD also breaking out of wedge with upward momentum. Upside Target Price = $69.8. SL = $24.988
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ADDING to Position even though this is currently a losing trade. Usually I dont do that. The reason is that recent bounce off support zone is also showing a breakout on the 4hr time frame along with a rising MACD on that time frame. I raised my SL to $27.42760. IF this new SL is hit I will have lost 0.6% of my original 1% I put at RISK at the 1st Entry = $31.14. Now with this new 2nd Entry = $30.32 I can RISK an additional 0.4% keeping my TOTAL RISK 1% of my portfolio.
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Slightly Losing trade so far. Holding position and keeping SL = $27.4760
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A New BUY signal as we break above prior resistance levels and also break above yesterday's candle high. Could make an argument to ADD to position but I have alot already committed to correlated trades so will stand pat here. Keeping SL at same level. If this takes off like I expect will look then to raise SL to break even
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We have liftoff as I expected yesterday. We are approaching another level of resistance today as we get toward $34.50 - $34.68 zone. Will reevaluate the trade later today and see how we decide to play this out.
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Staying the course here. New Breakout of Cup and Handle Formation today. Upside TP of this formation is $44.92. Notice that this corresponds with a TL resistance (dotted line) and continuation of the UPTREND depicted by thick yellow lines all converging in that area as well. According to this target this price should occur in the 1st two weeks of Dec 2021. Lets see what happens.
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Retesting Broken resistance as support today. Patience needed on this one.
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WHAMMO!!! Patience paying off HUGE today. BIG gains of 12% today and I had a rather healthy amount of capital devoted to this trade. So far looking GREAT. Lets see where we end the day. Could retrace all my profits in this crazy market. So only small celebration for now.
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LOL,...well that rally fizzled pretty quick. LOL.
Still well into profit despite the pullback in all markets late in the day. I am pretty fully positioned at this point in LINK. The current trade described here has only added to my long standing positions I have had in LINK for over 1 year. So I will NOT be looking for more BUY opportunities until my most recent entries are more into profit.
However, for those that are NOT fully positioned or are not yet inn this trade I would be looking for a BUY opportunity to ADD to position at horizontal or TL support as the market pulls back. Recently, pullbacks have been shallow and quick but with the recent break above double tops all over the markets, in all sectors, leading to new ATH in each of those markets we have yet to test the broken horizontal resistance as now established support. So I expect that to happen. I would be placing BUY orders at or very near those breakout support zones.
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Decent day today. Forming a Small Pennant on 4 Hr chart. Expect more upside to come soon. No changes today.
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Slow grind higher. NO changes.
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BUY Signal on 8 Hr chart. Bounce off multiple support zones and break above last candle high. Entry @ $32.91949.
ADD to Position 0.5% RISK with Entry on this position will have a higher SL than the 1st entries. 1st Entries will keep SL @ $27.4276. This Entry SL will be @ $32.061. The reason I am doing 2 diferent SL is that I am pushing my WINNER here in trying to get as large of a Position as possible but I also want to make sure I am not shaken out of the trade entirely if this higher SL is hit. I'll only lose the $500 on this entry.. So I keep the 1st entry SL where it currently is @ $27.4276. My total shares of LINK I can BUY with each entry are determined by my SL. The larger the spread between entry price and SL the fewer shares I can BUY. If I entered @ $32.91949 and SL = $32.061 then assuming 100K account $500 = 0.5% RISK and so $500/($32.91949 - $32.061) = 500/0.85849 = 582.418 LINK I can BUY with this entry. If SL were lower at $27.4276 I could only BUY 91.075 LINK.
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Error in my calculations above and I could not edit. Entry was $33.91949 - $32.061 = $1.8585. So $500/$1.8585 = 269 LINK not 582 I wrote above.
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Well that was a crappy day. Latest entry BUY signal proved to be false and SL hit on that portion of trade. Still active on 1st entries with SL = $27.4276.
New Chart 4 HR CHART showing Yellow Lines with proposed new UP TREND Starting. One of the many reasons I am ADDING to my Initial Position. 1st Green BUBBLE denotes my initial post and 1st Entry of this trade on the DAILY Time frame. 2nd BUBBLE denotes where I ADDED to Position on 4 HR time Frame and reasons should be easily noted on the chart posted above (Bounce off support, Rising MACD, Breakout)