BREAK-OUT ZONE: 365 - 380 satoshis Tron must break the red square resistance zone to confirm a new trajectory towards the profit levels. If you're conservative, consider either entering after 375-380 is broken (and sustained), or wait for a retest of the yellow local support zone. If this zone is broken and you're already long, consider short selling and waiting for a retrace to either the next yellow zone or significant, sustained buy volume.
TARGET 1: 430 - 450 satoshis First target is here. Consider the possibility of a retrace back to 380 - 400 levels for consolidation. I will be selling 20% of my position here.
TARGET 2: 490 - 515 satoshis Second target. This is my PRIMARY target. I can see TRX running up all the way to our next target, but this is where I'll be taking a closer analysis at price action to determine if I stay in the position. I'd be happy to exit up to 50% of my position here and buy back some on a retrace. Will update if I get enough likes on this chart.
TARGET 3: 590 - 620 satoshis Third and final target. This is the range where I'll be looking to close the position at a solid 100% profit from my entry at 310 satoshis.
If another trading opportunity emerges, I will chart it out and evaluate it as a separate trade altogether. You must always consider how much profit traders have already made when thinking about entering or keeping a position. If traders have already made 100% profit, chances are there will be some kind of retrace as they start to take profits. Sure, another opportunity may emerge, but that opportunity will most likely not be from a continuation of the previous trade, but rather an entirely new trade with different wave dynamics.
Please trade cautiously, only risk what you are willing to lose!
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Could see a retest of 320 - 335 area as local support in case of retrace
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But I think that is an unlikely scenario. Point being I'm not exiting unless strong support broken
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It's hard to see, but if you look at the chart the black line I drew goes up to 400 sats and then back down to retest support. This is where I believe we are at right now. As long as we do not break through the 350-360 support range we should be fine. However, BTC is always worth keeping an eye on. If BTC drops, the alts will drop...
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Local support still holding. I think we are in consolidation for another leg up to re-test 390-400
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We are now retesting the resistance that we failed at around this time last month
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Base support range held up pretty well! Bullish :)
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We are currently stuck right in the middle of a strong support and strong resistance. Will let the market decide!
100% gains would net a cool 15k so i'm hoping this is gonna swing out nicely... shit even 50% would be amazing
johnjcallanan
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Great write up. One thing I do, is sence no one knows exactly where things will go, I always use a trailing stop loss. Sure I could close out on a trade when it hits 590-620 sats, but I always say "what if "? And I have a trailing stop loss about 10 - 12% behind the price. Now yes, if I closed the trade at 590-62 sats, I would have had more profit. and it it hits my stop loss I have less, but I am still in profit and them what I do is have a trailing buy order, I just follow it down and try to get the best re-entry and add to the amount of Tron I have. Just how I do things and it works pretty well for me. Now when the market went south, what I did was hold off on any major trading, just converted into USDT. But now, I think really good things are going to happen with lots of coins/tokens. I am hoping the correction is over :) I appreciate the work you put into this lay out. Thanks
darth_bitcoin
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@johnjcallanan, Thank you. I'm going to look into trailing stops a bit more