I really don't like this coin fundamentally but dumb money is here so let's learn from it.
We could recognise a pennant pattern right here which is crazy cause :
" - In 75% of cases, a pennant’s exit is in the same direction as the movement preceding its formation.
- In 90% of cases, a pennant is a continuation pattern. "
That would mean that if we get out by the upside as a continuation we could have a 106% move to the upside.
However, We although have a bearish divergence that hasn't played out on the RSI and the MACD is giving us a bearish cross so I would be really cautious.
A breakout on volume of this pennant would give me a clear way on where to go.
Break on the upside and I would go :
TP1: 0.000005297
TP2: 0.000006645
SL: 0.000002736
Break on the downside and I would wait to see Price action in zone 0.000001349-0.000001614 which could be a nice zone to recharge.
We could recognise a pennant pattern right here which is crazy cause :
" - In 75% of cases, a pennant’s exit is in the same direction as the movement preceding its formation.
- In 90% of cases, a pennant is a continuation pattern. "
That would mean that if we get out by the upside as a continuation we could have a 106% move to the upside.
However, We although have a bearish divergence that hasn't played out on the RSI and the MACD is giving us a bearish cross so I would be really cautious.
A breakout on volume of this pennant would give me a clear way on where to go.
Break on the upside and I would go :
TP1: 0.000005297
TP2: 0.000006645
SL: 0.000002736
Break on the downside and I would wait to see Price action in zone 0.000001349-0.000001614 which could be a nice zone to recharge.
Order cancelled:
As you could see Price action got out of the pennant by the downside which cancels our tranding set up.
If I were "bullish" on this coin I would wait until price action reach zone 0.000001349-0.000001614 as mentionned in the original idea.
Trading is not about fishing every time, it's about knowing when to take the set up or not.
Here Price action indicates to move out of set up.
If I were "bullish" on this coin I would wait until price action reach zone 0.000001349-0.000001614 as mentionned in the original idea.
Trading is not about fishing every time, it's about knowing when to take the set up or not.
Here Price action indicates to move out of set up.
Comment:
I will no longer comment on this set up.