Good day ladies and gents,
This coin needs no introduction since its daily trade volume is more than most coins when they are spiking. Love it or hate it, TRX is going places. Based on the first and second cycles, we can expect TRX to be somewhere around the 5600 satoshis either within this year or the next:
Now back to our trade. The only thing bad about this trade is that we’re trading under the RSI support which is kind of against my religion since we do have quite a bit of resistance to push through on the way up. However we do have quite a bit confirmation that we’ve bottomed out at 726 since we had the support from the previous resistance trend line as well as a support from the 200 MA on this 4hr chart. It’s no wonder we’ve bounced back up fairly far due to this confluence. Based on this impulsive move after the ABC zig zag that made our iv, I would say it’s safe to look for an entry.
Our entry will be in the form of a second wave retrace in this fifth wave which has a target at the 3.618 fib expansion level at approximately 1289
Entry 801, 783, 758
Stop 720
Target 1260, start taking profit from 1100 and up
Risk / reward ratio: 1:7
Found this idea to be entertaining or absolute garbage? Feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi-San
*For pure fun and joy, not financial advice. Not a recommendation to buy sell or hold.*
This coin needs no introduction since its daily trade volume is more than most coins when they are spiking. Love it or hate it, TRX is going places. Based on the first and second cycles, we can expect TRX to be somewhere around the 5600 satoshis either within this year or the next:
Now back to our trade. The only thing bad about this trade is that we’re trading under the RSI support which is kind of against my religion since we do have quite a bit of resistance to push through on the way up. However we do have quite a bit confirmation that we’ve bottomed out at 726 since we had the support from the previous resistance trend line as well as a support from the 200 MA on this 4hr chart. It’s no wonder we’ve bounced back up fairly far due to this confluence. Based on this impulsive move after the ABC zig zag that made our iv, I would say it’s safe to look for an entry.
Our entry will be in the form of a second wave retrace in this fifth wave which has a target at the 3.618 fib expansion level at approximately 1289
Entry 801, 783, 758
Stop 720
Target 1260, start taking profit from 1100 and up
Risk / reward ratio: 1:7
Found this idea to be entertaining or absolute garbage? Feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi-San
*For pure fun and joy, not financial advice. Not a recommendation to buy sell or hold.*
Comment:
Well our first 2 trades hit... can we get a third with a bounce off the 200 MA?
Comment:
Current expectations for TRX
Comment:
We caught 2 great positions but based on market conditions, I'll be closing this trade out manually. The main idea here is to take what's on the table while there are conflicting signals. Once the coast is clear, we'll reassess the next entry