Long term analysis
STX has performed very well during the last bull run.
After a deep correction during the bear market, STX showed good signs of life (interest from market participants) from February 2023 with great price surge alongside increased volumes.
Every past golden crosses (MA crossing, see orange circles) developed into a significant upward movement in prices shortly after.
Short term analysis
After a first strong upward movement in the beginning of 2023, STX has been consolidated in a slightly descending wedge forming a bullish flag pattern.
The ABCDE count is finishing at the very top of the resistance line and the E area is almost flat.
Strategy
Buy on the break of the resistance line around 0,695$
TP0: Secure 30% at R2 level if you want to play it safe then:
Invalidation
Mental Stop: below the E consolidation bottom at 0,58$
If prices retrace to this level we will wait for the weekly closing price then set a Stop loss ¼ of Risk below the weekly close price.
Risk = distance between entry point to Mental Stop.
Let me know what you think!
STX has performed very well during the last bull run.
After a deep correction during the bear market, STX showed good signs of life (interest from market participants) from February 2023 with great price surge alongside increased volumes.
Every past golden crosses (MA crossing, see orange circles) developed into a significant upward movement in prices shortly after.
Short term analysis
After a first strong upward movement in the beginning of 2023, STX has been consolidated in a slightly descending wedge forming a bullish flag pattern.
The ABCDE count is finishing at the very top of the resistance line and the E area is almost flat.
Strategy
Buy on the break of the resistance line around 0,695$
TP0: Secure 30% at R2 level if you want to play it safe then:
- Objective 1: back to the flag pole top at 1,20$
- Objective 2: Weekly closed ATH at 2,40$
- Objective 3: Bull flag target at 4$
Invalidation
Mental Stop: below the E consolidation bottom at 0,58$
If prices retrace to this level we will wait for the weekly closing price then set a Stop loss ¼ of Risk below the weekly close price.
Risk = distance between entry point to Mental Stop.
Let me know what you think!
Trade active:
Trade entry was executed on the 28 nov or on the pullback (switching resistance line to a support) on the 30th before taking a nice momentum upward.
The three flowing days were on the right direction before a very strong acceleration today (up to +35% in a couple of hours).
To play it safe it is ok to take your first profits at this level (TP1 on the chart).
In that case, congrats you've just made a 50% gain on this first portion of the trade👏.
To be continued...
The three flowing days were on the right direction before a very strong acceleration today (up to +35% in a couple of hours).
To play it safe it is ok to take your first profits at this level (TP1 on the chart).
In that case, congrats you've just made a 50% gain on this first portion of the trade👏.
To be continued...
Comment:
Trade active:
Objective 1 has been reached ✅
Following the strategy, let's take your first (or second time if you played it safe) profits with a 72% gain in less than 2 weeks, congrats!
The remaining portion will still target Objective 2 and 3 in the coming weeks.
To be continued...
Following the strategy, let's take your first (or second time if you played it safe) profits with a 72% gain in less than 2 weeks, congrats!
The remaining portion will still target Objective 2 and 3 in the coming weeks.
To be continued...
Trade active:
Objective 2 has been reached today ✅ (+250% from entry point)
Following our strategy it is time to take some more profits on this objective.
Depending on your trading style and given the strong momentum of STX you can put in place a trend following exit instead of selling on the objective level for this portion.
Until there is no sell signal, our remaining portion will still target Objective 3 and beyond in the coming weeks.
To be continued...
Following our strategy it is time to take some more profits on this objective.
Depending on your trading style and given the strong momentum of STX you can put in place a trend following exit instead of selling on the objective level for this portion.
Until there is no sell signal, our remaining portion will still target Objective 3 and beyond in the coming weeks.
To be continued...
Trade closed manually
Comment:
protective Stop loss has been executed today on this high volatility day at 2.51$
We are out of this trade with a nice perf of 160% !
Let's move on and prepare our next opportunities
We are out of this trade with a nice perf of 160% !
Let's move on and prepare our next opportunities