NEOUSD - How to trade possible breakout
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TRADE:: NEO_01_17012021
STATUS:: Contemplating an entry point
TYPE:: Long
PATTERN:: Consolidation Triangle
SIGNAL:: 4H MFI
FILTER:: 1H OBV Delta, 4H OBV Delta, Price Action
VOLUME:: $5000
ENTRY:: 24.86 (estimated entrypoint)
TP1:: 27.2950
TP2:: 29.0125
TP3:: 32.0500
TP4:: 36.0775
TP5:: 39
SL:: 24.4275
R/R:: 34
RISK:: $70
REWARD:: $1500-$2000
PROS::
1. Phoenix indicator (author: @WyckoffMode) shows that we have a room for an upward pressure
2. Previous wicks gave us nice shape of triangle, so we it's much easier to trade that pattern
3. MFI looks like it want to reload at 50 level, same as ETH did at $700 price level
CONS::
1. There is a potential to break that triangle to the downside, so we must be ready to trade that too
2. NEO is highly volatile coin, my tight stop-loss might be false-triggered. Re-entry should take a place
3. We still don't have a signal for the upward movement from 4H MFI. So we must be patient and wait for a PREMIUM signal confirmed by lower TF
OVERALL::
* Consolidation triangle pattern occured
* We wait for 4H MFI signal and OBV Delta to become green or at least to move in upward direction
* 4H MFI Signal may occur at January 19th
* We also should be ready for a move down
If you have a moment click like and feel free to subscribe for future signals!
And remember - this market doesn't respect doubters!
* THiS iS NOT A FiNANCiAL ADVICE!
TRADE:: NEO_01_17012021
STATUS:: Contemplating an entry point
TYPE:: Long
PATTERN:: Consolidation Triangle
SIGNAL:: 4H MFI
FILTER:: 1H OBV Delta, 4H OBV Delta, Price Action
VOLUME:: $5000
ENTRY:: 24.86 (estimated entrypoint)
TP1:: 27.2950
TP2:: 29.0125
TP3:: 32.0500
TP4:: 36.0775
TP5:: 39
SL:: 24.4275
R/R:: 34
RISK:: $70
REWARD:: $1500-$2000
PROS::
1. Phoenix indicator (author: @WyckoffMode) shows that we have a room for an upward pressure
2. Previous wicks gave us nice shape of triangle, so we it's much easier to trade that pattern
3. MFI looks like it want to reload at 50 level, same as ETH did at $700 price level
CONS::
1. There is a potential to break that triangle to the downside, so we must be ready to trade that too
2. NEO is highly volatile coin, my tight stop-loss might be false-triggered. Re-entry should take a place
3. We still don't have a signal for the upward movement from 4H MFI. So we must be patient and wait for a PREMIUM signal confirmed by lower TF
OVERALL::
* Consolidation triangle pattern occured
* We wait for 4H MFI signal and OBV Delta to become green or at least to move in upward direction
* 4H MFI Signal may occur at January 19th
* We also should be ready for a move down
If you have a moment click like and feel free to subscribe for future signals!
And remember - this market doesn't respect doubters!
Comment:
Prica action confirmed the triangle pattern, the deal is going to be opened very soon. 1H OBV Delta is already green and coming up, we need MFI on the 1H and 4H to go up with the OBV
Comment:
Comment:
Unfortunately i was using a limit order for the entry and it hasn't been filled. However i'm glad that this setup has worked perfectly.
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