First let me begin by saying thanks to the followers who took time out of their evening to reply and give me a thumbs up. I don't ask for feedback out of some narcissistic need to feed an ego. I want to see if what I'm contributing to Trading View is helping or is important to some people. In the absence of that knowledge I'm sure no one would find it unreasonable to look at reallocating my time. Thanks Guys:)
Back to Solana:
Last night I outlined a potential trade set-up. Go long in and around the .618 retracement area of the rally off of $35.30 bottom earlier in the month with a stop in place. The trade (albeit risky) has some technical merit because the .618 should provide something of a bounce. It doesn't mean a guarantee. I have written extensively about trying to keep my EWP perspectives simple. An ABC for wave 4 is simple. Could this wave 4 have concluded at $59...sure. My only problem with that being the conclusion is the amount of time it took. I would prefer a more pronounced wave 4. That's why we're risking $2 - $2.50 for the potential of $20-$30 points later on this summer. It's important to know clearly that I DO NOT BELIEVE SOLANA HAS BOTTOMED. Nothing has changed in my perspective. But if this wave 4 is a standard ABC then at this price level it's worth a shot.
If stops are triggered...DO NOT CHASE SOLANA. Risk management is in place to protect us. Discipline is the key to not losing a lot money in any market.
Best to all,
Chris
Back to Solana:
Last night I outlined a potential trade set-up. Go long in and around the .618 retracement area of the rally off of $35.30 bottom earlier in the month with a stop in place. The trade (albeit risky) has some technical merit because the .618 should provide something of a bounce. It doesn't mean a guarantee. I have written extensively about trying to keep my EWP perspectives simple. An ABC for wave 4 is simple. Could this wave 4 have concluded at $59...sure. My only problem with that being the conclusion is the amount of time it took. I would prefer a more pronounced wave 4. That's why we're risking $2 - $2.50 for the potential of $20-$30 points later on this summer. It's important to know clearly that I DO NOT BELIEVE SOLANA HAS BOTTOMED. Nothing has changed in my perspective. But if this wave 4 is a standard ABC then at this price level it's worth a shot.
If stops are triggered...DO NOT CHASE SOLANA. Risk management is in place to protect us. Discipline is the key to not losing a lot money in any market.
Best to all,
Chris
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