MATIC - BUY [Update from Earlier Idea]
Earlier this month on July 4 I had posted an idea on MATIC. The idea was bearish and since then that has played out well. But now we find some interesting things on the chart that could be suggesting a change in trend. Multiple things in fact.
For one, we broke a clean descending trendline that has been rejecting the price since May.
Secondly, and maybe what I love most, is that we broke the trendline exactly at my infamous .236 level at $0.87725.
Anyone who has been following my posts know that I talk a lot about this fibonacci level and how it is a wonderful buy signal when price finds this level as support.
Keep in mind that we are now floating above this price, which unfortunately doesn't make for an optimum entry but perhaps one could have limit orders down below near the fib level should the price drop back down to it.
However, the .236 is an area that price often does not mess around at for too long. And it is finding support on the 21 daily MA as we speak, so another engulfing candle to test the .382 level would not be surprising and ultimately our larger .236 that we will discuss when that time in the future arrives.
PLZ USE ALERTS/STOP LOSSES
(NOT FINANCIAL ADVICE)
For one, we broke a clean descending trendline that has been rejecting the price since May.
Secondly, and maybe what I love most, is that we broke the trendline exactly at my infamous .236 level at $0.87725.
Anyone who has been following my posts know that I talk a lot about this fibonacci level and how it is a wonderful buy signal when price finds this level as support.
Keep in mind that we are now floating above this price, which unfortunately doesn't make for an optimum entry but perhaps one could have limit orders down below near the fib level should the price drop back down to it.
However, the .236 is an area that price often does not mess around at for too long. And it is finding support on the 21 daily MA as we speak, so another engulfing candle to test the .382 level would not be surprising and ultimately our larger .236 that we will discuss when that time in the future arrives.
PLZ USE ALERTS/STOP LOSSES
(NOT FINANCIAL ADVICE)
Trade active:
My buy limit orders have been filled at 1.0367. I have buys also at 1.04, 1.05 and 1.06.
Stop losses at 1.011, 0.99 and 0.98.
Stop losses at 1.011, 0.99 and 0.98.
Trade closed: stop reached:
Position closed: stop loss trigger.
Trade active:
Buy filled at 1.037.
Stop loss at 0.989.
Stop loss at 0.989.
