Analysis:
Daily Chart- After long downtrend, Price goes into sideways market of about 483 days. On 12/16/20, price finally breaks out of range on a very powerful 90% move up. There is a Golden cross of the 50 + 200 MA & Price continues to move upwards until finding Resistance in area 1.81-1.93. From here the price falls until it finds Support in area 1.11-1.21 and the 50MA. Here the price bounces and makes another swing move to resistance area of 1.81-1.93 where it is shot back down to support area 1.11-1.21 & 50MA. This time we will see a series of small candles until the price gaps back up to resistance where it closes for the day. This move is very significant since the gap cleared the closing price of the past 15 days.
The strong breakout move from resistance of 0.30-0.58 , the price being caught by the 50ma, and it gapping above 15 previous daily closes after a previous swing to resistance shows me the bull presence is still very strong here. I will take the gap as an entry signal and will investigate 1hr chart for possible entry.
1HR Chart- I will be observing this chart with the extended hours. I decided to include extended hours due to good movement. Here we can see the clear Resistance/Support Areas and the swings. Today’s swing we can see the strong move up to resistance, once the price is rejected it is caught and supported by 10ma where the price for the day forms a bull flag. The price in after-hours breaks the top of the flag, thru resistance and bounces off the top of the bull flag. The break of flag top is my entry. My stoploss will be at 1.71. If price breaks below this price, it will either fall to 1.50 where i can buy lower of fall back down to 1.21.
Entry: 1.95
Stop Loss: 1.71(-12.27%)
Target: Trail 10ma on 1HR chart.
Daily Chart- After long downtrend, Price goes into sideways market of about 483 days. On 12/16/20, price finally breaks out of range on a very powerful 90% move up. There is a Golden cross of the 50 + 200 MA & Price continues to move upwards until finding Resistance in area 1.81-1.93. From here the price falls until it finds Support in area 1.11-1.21 and the 50MA. Here the price bounces and makes another swing move to resistance area of 1.81-1.93 where it is shot back down to support area 1.11-1.21 & 50MA. This time we will see a series of small candles until the price gaps back up to resistance where it closes for the day. This move is very significant since the gap cleared the closing price of the past 15 days.
The strong breakout move from resistance of 0.30-0.58 , the price being caught by the 50ma, and it gapping above 15 previous daily closes after a previous swing to resistance shows me the bull presence is still very strong here. I will take the gap as an entry signal and will investigate 1hr chart for possible entry.
1HR Chart- I will be observing this chart with the extended hours. I decided to include extended hours due to good movement. Here we can see the clear Resistance/Support Areas and the swings. Today’s swing we can see the strong move up to resistance, once the price is rejected it is caught and supported by 10ma where the price for the day forms a bull flag. The price in after-hours breaks the top of the flag, thru resistance and bounces off the top of the bull flag. The break of flag top is my entry. My stoploss will be at 1.71. If price breaks below this price, it will either fall to 1.50 where i can buy lower of fall back down to 1.21.
Entry: 1.95
Stop Loss: 1.71(-12.27%)
Target: Trail 10ma on 1HR chart.
Trade closed: stop reached:
Stopped 1.71. -12.27% loss
Trade active:
Re-entering trade @ 2.07. stoploss at 1.90
Comment:
Stop loss adjusted to 2.25
Trade closed: stop reached:
Trade was stopped at 2.25 for a gain of 8.74%
Trade active:
This has been one pesky little f@$ker but i still love the potential and set up here.
Reentered trade at 1.88
Stoploss: 1.71(-8.92%)
Reentered trade at 1.88
Stoploss: 1.71(-8.92%)
Trade closed: stop reached:
Stopped: 1.71(-8.92%)