Thesis:
- TRXUSD has had a nice period of consolidation and continuing uptrend on the daily chart.
- It is getting a bit overextended from its daily trend averages on the daily at this point, per the breakout from the last two days which exceeds two average true range periods on the daily.
- I'm long on the breakout across the four hour and one hour timeframes.
- Looking to add on dips as the trend averages catch up on the daily.
- This is a multi-day swing trade, possibly a few weeks if the trend holds.
- TRXUSD has had a nice period of consolidation and continuing uptrend on the daily chart.
- It is getting a bit overextended from its daily trend averages on the daily at this point, per the breakout from the last two days which exceeds two average true range periods on the daily.
- I'm long on the breakout across the four hour and one hour timeframes.
- Looking to add on dips as the trend averages catch up on the daily.
- This is a multi-day swing trade, possibly a few weeks if the trend holds.
Comment:
We're getting a nice mean reversion as expected. I'm looking for dip buys down into the .07 range.
Trade active:
Nice bounce on the mean reversion move. Feeling better about sizing in more now given the buyers coming in at support on the daily. Solid reversion that was almost 3x the average true range.
Added more on the dip. Still leaving room for it to go lower. Manage risk accordingly.
Added more on the dip. Still leaving room for it to go lower. Manage risk accordingly.
Trade active:
Great retracement on the daily here. Nearing the 50% fib level from the major recent move. Adding around this support. Still have risk room to add lower as well.
Trade active:
This trade is working nicely. Added to position when we dipped, now all time highs. Let's go!
Trade active:
New ATHs. Congrats to all longs! Still swinging, this is a trend play.
Upward momentum can continue on this volume but everything reverts to the mean eventually. I'm bullish medium term, tread carefully if entering a swing right now.