S.o.T Chartoff - May - week 2 - TRXBTC

TRX set a low at 393, moved slowly up and broke downtrend (1).
Next it broke the 1HR valley at 409 and another 1HR valley at 416
but could not pass the hold level at 422, peaked at 420 creating a new trend (2).
Did a pullback to a 1HR level at 402 and held, creating new uptrend (3).

Expecting TRX to continue uptrend and target the 1HR hold level at 422 before targeting 429.

Took entry at 403 with target of 422 (5%) and stop at 399 (<1%). R/R: 5

Trade closed: target reached:

My target level of 422 was hit during the night. Unfortunately I was sleeping and not able to get back in for the next target of 429 which also hit already during the same night.
For now 4.71% profits secured.

Will monitor and update if I decide to re-enter at 422 level for next target of 440 (15MIN hold level).

Comment:

In the chart I updated:
1) Uptrend
2) Removed valleys, added new levels, added new target

Comment:

Not sure yet about my 422 re-entry as it also could drop back to the uptrend,
so currently further updating the chart and waiting for now.

Comment:

Chart and gameplan updated.

Comment:

Updated gameplan: waiting to see if 416 holds.

Comment:

Updated gameplan: if it drops back to 413 (1HR HOLD) I will re-enter the trade.

Entry: 413
Target: 440 (6.5%)
Stop: 411 (0.5%)
R/R: 13.5

Comment:

Did not reach 413 yet but for now it did hold the earlier identified 416 level..
I did not take this trade yet, still updating chart and waiting to see if my level gets hit.

Trade active:

Patience paid off. 413 got hit and I entered.

Comment:

Entry: 413
Target: 440
Stop: 411

Trade closed: stop reached:

Huge dump overnight and proud of my tight stop. Lost only 0.48% on this.

Total gains so far: 4.71 -/- 0.48 = 4.23%

Comment:

Cleaned up the chart because TRX dumped and broke the uptrend, its now being hold up by the daily level but i'm not entering a trade, want to see how this unfolds.

Comment:

TRX broke daily level to the downside and backtested the daily level but failed.. still not taking any positions here. Patiently waiting for better entry.

Comment:

Updated chart based on new low -> removed trendiness and added new trend and 1HR levels

Comment:

Still not taking a trade, still dumping.

Comment:

TRX distribution was stopped at the 350 sats daily level for now and bounced to to the downtrend also closing a 1HR valley.
Still no trade for now, but will keep monitoring the pullback.

Trade active:

Took entry because:
- TRX formed and held uptrend,
- broke downtrend
- broke 1HR hold level at 374 to attack next targets 394 (daily) and 400 (1HR)

Tight stop (1.07%) due to uncertainty of the markets.

Trade closed: stop reached:

370 sats got hit.

Score with these 3 trades: 4.71% -/- 0.48% -/- 1.07% = 3.16%

Comment:

Did not take any more trades as I saw only short opportunities