LINK │ LONG │ 31.10.2023

LINKUSDT.P

Comment
We approached the level after 6 days. There was a false breakout relative to the level, after which on the very next day, we approached the level again. The reaction to the false breakout is a strong move in the opposite direction, and although it occurred, in my opinion, the instrument is not being pushed down. This is because, on the next day, there was a strong upward movement and several approaches to the level. There are only very old levels above, and in my opinion, they do not have a significant impact in our current situation.

Signals for level breakout

• close retest of the level;
  
• the instrument gradually approaches the level;
  
• accumulation of energy for level breakout;
  
• consolidation near the level;
  
• decrease in trading volumes before the level;
  
• a clear zone beyond the level;
  
• no response to a false level breakout;
  
• there is a reserve of technical ATR;
  
• the instrument is not following the market.
  
• the instrument is stronger than the market
  

Signals against breaking the level

• here is little ATR remaining;
  
• the consolidation is quite wide;
  

Order parameters (risk-to-reward ratio = 1 to 3)

1. Open: 11.8147880;
   
2. Stop loss: 11.7108480;
   
3. Take profit:12.1266080;
   
   Disclaimer
   Every trader should make their trading decisions based on their own analysis and circumstances. The signals in this channel should be considered as an additional tool for your own consideration.
   
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Comment:

I got a stop loss, but I will continue to monitor the instrument as the level confirmed nicely yesterday and today. I will wait for a new entry point.

Order cancelled:

I'm canceling the long order because the instrument is moving up and down, and if it forms a quality signal, I'd rather publish a new idea.