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. :)

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This is not financial advice, this is simply my personal analysis of the current conditions.
Order cancelled: Pattern never transpired. Closing position early in profit.

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