Ontology Bullish Divergence on Weekly

Ontology Bullish divergence

Weekly
The volatility for Ontology is usually pretty good, so when I see a bullish divergence and other factors are more or less in line, I like to trade it.
What I see here is a bullish divergence on the weekly and after that strong dump, due to BTC and the furious Bitmex liquidation cycles, I see that the EFI is definitely not diverging here. By the looks of it, I expect we will at least tick up to the EMA or the previous resistance, although that one is not tremendously strong, only 2 previous hits and it wasn’t trading in that zone for a long time.

Daily
On the Daily we see a pattern of higher highs and higher lows, we’ve just made a higher low so entering now could be good. I have some money reserved, to get add more later. I entered around 0,4060.
The Stochastich RSI crossed again, and MACD-H looks like turning up again.


The Stoploss has been placed on the Daily, when it breaks down that -3 ATR level, which equals 25% of that down wick during the heavy BTC dumping, it invalidates this setup.

The targets are set at the +2 and +3 ATR levels of the weekly. We have to overcome that small restistance there around 0,51.

As always, I will measure the strength of the uptrend and see if I get out earlier partially

Entry 0.40xx
Exit 0.797
Exit 0.897

Stoploss: 0.29

Risk Reward Ratio:

R/R 1:4
R/R 1:5

Trade closed: target reached:

Nice "more then 100%" profit trade.