What I want for a long on Sand - especially given the relative strength were seeing now in the market today.
A retest of demand (grey box) where we broke previous MS and have triggered a micro trend reversal for now would be my entry. This grey box lines up with the break of MS and also the 618 fib level of the recent move off the local bottom (the sweet spot).
Then want to see a strong reaction to punch above resistance from prior bearish consolidation and back INTO the range. If we don't get a strong reaction I will start to debate if this momentum is real or not (what we're seeing on other coins atm).
Tight SL would be set below the low or just below where we broke the market structure.
Or we punch sooner and I don't get filled, have to keep this in mind as well.
V
A retest of demand (grey box) where we broke previous MS and have triggered a micro trend reversal for now would be my entry. This grey box lines up with the break of MS and also the 618 fib level of the recent move off the local bottom (the sweet spot).
Then want to see a strong reaction to punch above resistance from prior bearish consolidation and back INTO the range. If we don't get a strong reaction I will start to debate if this momentum is real or not (what we're seeing on other coins atm).
Tight SL would be set below the low or just below where we broke the market structure.
Or we punch sooner and I don't get filled, have to keep this in mind as well.
V
Vatsik