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initmx
May 19, 2022 4:49 PM

$mkrusdt falling wedges - 19.05.22 Long

MKRUSDT SPOTBybit

Description

entry triggers:

  • - 5 waves
  • - falling wedges / ending diagonals
  • - volume expansion
  • - bullish divergence
  • - breakout


entry: mkt price
sl: 1428
lev: 10x and below
  • tp 1: 1454
  • tp 2: 1482
  • tp 3: 1504.5
  • tp 4: 1527
  • tp 5: 1559
  • tp 6: 1600


Analysis
Price moving in converging channels. It can be one of the two structures, ending diagonals(1-5) or falling wedges(a-e). There is a clear wave count of 5 waves in already. The final wave has a truncation. For further reference check out my tutorial on ending diagonals, I explained everything there.

Trade safe and due diligence is advised as always!

Comment

tp 1 hit, closed my position. might look for another entry. else I'm letting this one go, slow PA
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