I like to buy on these accumulation zone set-ups when the market is 'somewhat' stable because we can see explosive moves out of the buy zones.
When the market is in price discovery, these zones can get melted like a hot knife through butter. Always understand the context of the market before making a trade.
- Double Bottom on price action.
- Strong accumulation since July of last year.
- Big buy accumulation spikes moving in with little to no selling volumes.
- RSI bouncing from oversold and moving towards neutral.
- Price Action indicates we've hit a strong demand block where it's bounced from before.
- Currently working through the .382 Fib level. May take some patience.
- Targets are the 200MA on the as well as the 1.618 .
Original Buy Zone was 120 - 121 for early entry accumulation.
TRADE INVALIDATED WITH A BREAKDOWN BELOW SUPPORT.
Thanks for reading and I hope this helped you understand a little more about how I think.
See previous $RVN trade that ran for 100% profit.
See current swing trade opportunities:
DENT - 24-80% Profit Potential.
1.) If the chart is old, don't trade off of it as the market conditions change all the time.
2.) Always chart the coin yourself as you may see something that I don't.
3.) Always use proper risk management when trading.
4.) Use proper position sizing based on market conditions and market context. (uncertain conditions warrant smaller position sizes.)
5.) Make sure that YOUR entry still maintains a high risk/reward ratio for your stop loss and take profit zones.
6.) If you don't know how to calculate position size, risk per trade or any of the other risk management concepts, make sure to download my FREE risk management masterclass found in my signature below.