Done this a bit with success swing trading on XVG recently, something different ;)
I'm bullish on XLM short term following it's new partnership with IBM, but been a lot of hype on the back of some very positive news for XLM so if you're day trading prepare for this one to fall out of this wedge into a lower channel and potentially fall below 500 sats.
This may look a little messy and confusing but everything you see here is justified in one way or another and has been analyzed for hours to set a profitable swing trading plan until the end of October.
If this stays in the upper wedge i'd imagine things will slow down on the rise's and drop back towards the trend lines fast, if it falls through xlm will plummet back to the lower trend line within half a day or so but this support should hold for at least another hour or 2 if it's to fall. If it's to stay in the upper wedge it needs to go now. Be wary buying in this wedge, maybe save it for the breakout.
Although not really important in swing trading this ones more of a novelty, in the lower wedge on the 4th wave on the rise i'd imagine there will be a lot of upward pressure and continue following the down trend into the end of the wedge, if this doesn't happen I've thinned the lines on a 2nd possible outcome to continue swing trading the lower wedge.
I'm very confident it won't fall through the lower up trend so if you see it fall below on a false bear break, grab yourself a bargain and set a tight stop loss, especially if it falls through on the first fall from the upper wedge as it will absolutely fly on the rebound for some very quick profits!
Minor resistances at 1050 and 1240 on the breakout and another extremely strong resistance to which it will not pass anytime soon at about 1500.
Best of luck! :)
I'm bullish on XLM short term following it's new partnership with IBM, but been a lot of hype on the back of some very positive news for XLM so if you're day trading prepare for this one to fall out of this wedge into a lower channel and potentially fall below 500 sats.
This may look a little messy and confusing but everything you see here is justified in one way or another and has been analyzed for hours to set a profitable swing trading plan until the end of October.
If this stays in the upper wedge i'd imagine things will slow down on the rise's and drop back towards the trend lines fast, if it falls through xlm will plummet back to the lower trend line within half a day or so but this support should hold for at least another hour or 2 if it's to fall. If it's to stay in the upper wedge it needs to go now. Be wary buying in this wedge, maybe save it for the breakout.
Although not really important in swing trading this ones more of a novelty, in the lower wedge on the 4th wave on the rise i'd imagine there will be a lot of upward pressure and continue following the down trend into the end of the wedge, if this doesn't happen I've thinned the lines on a 2nd possible outcome to continue swing trading the lower wedge.
I'm very confident it won't fall through the lower up trend so if you see it fall below on a false bear break, grab yourself a bargain and set a tight stop loss, especially if it falls through on the first fall from the upper wedge as it will absolutely fly on the rebound for some very quick profits!
Minor resistances at 1050 and 1240 on the breakout and another extremely strong resistance to which it will not pass anytime soon at about 1500.
Best of luck! :)
Comment:
Didn't drop anywhere near as quick off the upper support as I thought it would but seems to have bounced nicely off the minor support and may find some consolidation for a few hours once it reaches before dropping to the lower support where I will open my trade at a little over 500 with a tight stop loss.
Trade active:
Seems to have found a strong support, risky entry but I'll likely take 50% profits at about 670 and look for a similar rebuy to increase position for the BOOM!
Entry: 545
Stop Loss: 485
Take Profit: 670 (50%) & 1030
Entry: 545
Stop Loss: 485
Take Profit: 670 (50%) & 1030
Trade closed: stop reached:
Stop loss reached last night, whole alt market going to shit! Gives xlm another chance to fly after the 25th!! Get ready for it.
Trade active:
Holy shit, what a recovery!! We're back!! Nearing the end of the lower wedge on the recovery, i'm going in boys! Congrats to those that held through the devaluation, being a day trader I don't like to wait and see, going to make my money back and more on this one from the previous trade.
Entry: 610
Stop Loss: 565
Take Profit: 830 and 1030
Entry: 610
Stop Loss: 565
Take Profit: 830 and 1030