After my original trade set up at $44 off of the PCZ of the Bullish Bat Pattern i had a 3rd target of $100. Profit took (120% up in 2 weeks) and exited at $100 before it went to All Time Highs at $104 and reversing!
After re analysing the chart i noticed the cup and handle structure forming on the daily chart.
I also noticed more significantly the ABCD structure from the lowest low of this rally to a 1.618 extension would have took overall to $140.
Although this asset had just increased 120% in 2 weeks which i was lucky enough to ride up i started to think yes this was definitely a level to take profit at the top of the harmonic but then again traders that were in this position and at this time with market conditions starting to turn around and the macro looking bullish again that it would have been prudent to start using those fib extensions rather than exiting.
I also found an edge on the LUNA/BTC chart which has only ever made higher highs and higher lows! i would recommend anyone to check that chart out for a beautiful example of an amazing uptrend.
So I created a new trade up at $93.37 entry and a stop loss of $87.20
we actually went down to $89 before my argument started to play out and we didn't get stopped out!
Targets where very easy to place and fit perfectly in numerical order at $120, $140, $160 and a swing for the fence target of $200
my reasoning =
$120 is the 1.272 Fib extension
$140 is the 1.618 Fib extension and pattern completion of the ABCD structure
$160 is the major move of the Cup and Handle structure
$200 is really a swing for the fence aggresive target of the 2.618 Fib extension because if any asset makes a 'crypto move' to the 2.618 Fib this run would more than likely be this No.1 out-performer of an asset LUNA
(previously private trade set up)
1st target hit!
After re analysing the chart i noticed the cup and handle structure forming on the daily chart.
I also noticed more significantly the ABCD structure from the lowest low of this rally to a 1.618 extension would have took overall to $140.
Although this asset had just increased 120% in 2 weeks which i was lucky enough to ride up i started to think yes this was definitely a level to take profit at the top of the harmonic but then again traders that were in this position and at this time with market conditions starting to turn around and the macro looking bullish again that it would have been prudent to start using those fib extensions rather than exiting.
I also found an edge on the LUNA/BTC chart which has only ever made higher highs and higher lows! i would recommend anyone to check that chart out for a beautiful example of an amazing uptrend.
So I created a new trade up at $93.37 entry and a stop loss of $87.20
we actually went down to $89 before my argument started to play out and we didn't get stopped out!
Targets where very easy to place and fit perfectly in numerical order at $120, $140, $160 and a swing for the fence target of $200
my reasoning =
$120 is the 1.272 Fib extension
$140 is the 1.618 Fib extension and pattern completion of the ABCD structure
$160 is the major move of the Cup and Handle structure
$200 is really a swing for the fence aggresive target of the 2.618 Fib extension because if any asset makes a 'crypto move' to the 2.618 Fib this run would more than likely be this No.1 out-performer of an asset LUNA
(previously private trade set up)
1st target hit!