Nick_Core
Long

XLM Cup & Handle (Stellar)

BINANCE:XLMBTC   Stellar / Bitcoin
Let the handle form before acting upon it, that channel placed is not set but more as a guide as I watch the handle form.

The proper way I trade this is as follows:

  • Buy the breakout & candle close of the handles upper trend line after it has formed, this is still forming as of this writing.
  • Considering the bottom of the cup is an unreasonable stop loss, I am placing mine on the bottom of the handle's channel once it has broken out of it convincingly.
  • Take profit should be around 10% above the breakout point in this trade. To find the TP point on a cup and handle , you would measure the cup's bottom up to the top right cup end.
  • Watch for a severe volume spike on the breakout of the handle to confirm timing. This can be done with any number of volume indicators including the O.B.V. and the C.M.F..

As a note, the Ichimoku kumo will act as a very good guide for the handle reversal.

I will be posting a link on my twitter that you may click to view this chart live and in action. Follow there. :)

Thank you for reading and please be sure to click like on this analysis. Thank You!

This is not financial advice, this is simply my personal analysis of the current conditions.
Comment:
Comment:
Order cancelled: Pattern never transpired. Closing position early in profit.
as Peter Brandt twitted, c&h is never a reversal but continuation pattern
Reply
@MariyaS, Correct.
Reply
the idea is good and definitely the cup and handle patter is there, but I don't see it will convert.
Many other similar opportunities have failed. And besides that, XLM is very attached to BTC flow.
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Does a cup with handle qualify on a 15 min chart?
Reply
Nick_Core asher.creates
@asher.creates, of course. Not to mention it is visible in higher time frames.
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you the man!
+1 Reply
Fingers crossed
+1 Reply
Not for me. If you look at the XLM chart you will find a lot of failed cup and handles in the recent past. In addition BTC is flat or might even drop further so I don't see any alt making gains.
+3 Reply
@ksdow, Good point.
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