Since the last impulse and high of 9.3 cents on August 4th, 2023, XDC was in a correction. XDC retraced to 0.618 fib level, which is also a S/R level and the 200D EMA. It looks like XDC found support and it is gearing up for another impulse up. My overall target for this leg up is between 10.33 cents to 11.09 cents. A breakout above the 50D EMA and a retest could be a long trigger. Second trigger for a long is a daily close above 0.05397 which will constitute a bullish ChoCh. Trade Idea No. 1: • Entry: 0.05 • SL: 0.046 • Target:0.104 • TP: 0.07, 0.104 • R: R: 1:5 to first TP Trade Idea No. 2: • Entry: 0.054 • SL: 0.048 (below the 21D EMA) • Target:0.104 • TP: 0.07, 0.104 • R: R: 1:2.95 to first TP NFA. What do you think? Please share in the comments. Best Wishes.
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As long as XDC doesn't break above and retest the 50D its not a long imo
Trade closed manually
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As I mentioned above, the criteria for entry was not met. XDC looks weak. I think i'll pass. I may be wrong of course but there are better prospects to trade.