Hi all,
The chart for Raiden / BTC is looking good for a trade.
Price has broken the long term downwards trend line and so has a high probability of heading higher from here. In doing so it has created a variant of a Morning Star candle stick pattern, which is a bullish signal.
Raiden already gained 8% yesterday, but I expect that there could be a retest of the trendline which often (but not always) occurs after a break of a trendline.
Trade Management
Buy in : 6690 - 7243
SL: 6340 (below the recent swing low)
TP: 9190 (around the 100 EMA)
Remember to be patient and wait for a retest. If it doesn't happen, that 's fine. There are plenty more opportunities. Let the markets come to us.
Morning Star Signal
Morning Star is formed by a red candle, followed by an indecision candle (a candle whereby the market cannot decide either way, such as a doji) followed by a green candle above at least 50% of the height of the first candle.
What we have here is great because:
Candle 1 - Bearish
Candle 2 & 3 - Indecision
Candle 4 - gravestone doji (almost)
Candle 5 - bullish candle that is also larger than the first candle. This tells us that other traders acknowledge this level as a turning point.
I hope you find this helpful! Please like and follow!
The chart for Raiden / BTC is looking good for a trade.
Price has broken the long term downwards trend line and so has a high probability of heading higher from here. In doing so it has created a variant of a Morning Star candle stick pattern, which is a bullish signal.
Raiden already gained 8% yesterday, but I expect that there could be a retest of the trendline which often (but not always) occurs after a break of a trendline.
Trade Management
Buy in : 6690 - 7243
SL: 6340 (below the recent swing low)
TP: 9190 (around the 100 EMA)
Remember to be patient and wait for a retest. If it doesn't happen, that 's fine. There are plenty more opportunities. Let the markets come to us.
Morning Star Signal
Morning Star is formed by a red candle, followed by an indecision candle (a candle whereby the market cannot decide either way, such as a doji) followed by a green candle above at least 50% of the height of the first candle.
What we have here is great because:
Candle 1 - Bearish
Candle 2 & 3 - Indecision
Candle 4 - gravestone doji (almost)
Candle 5 - bullish candle that is also larger than the first candle. This tells us that other traders acknowledge this level as a turning point.
I hope you find this helpful! Please like and follow!
Trade closed: target reached:
Smashed through our profit target.
Awesome!
Awesome!
