It's easy to say, but hard to pull the trigger, but if you an PLAY THE RANGE, you can make money in a market that is going sideways, like we see in most cryptos at the moment.
BACKGROUND:
In all the coins, we had a big run up following Bitcoin's lead, which hit 5000 and had a significant pullback.
Now most coins have found support and they are bouncing.
NEW HIGHS? NOT SO FAST!
They probably won't breakout to new highs so fast, because it usually takes a few attempts before buyers can push through to new levels.
But with support and ressitance clear, like here on Monero, we can buy at the bottom of the channel (support) between the trendlines and sell at the top of the channel (resistance).
This trade is called PLAYING THE RANGE. We mark the bottom of the channel and the top of the channel with careful trendlines to mark support and resistance, then we buy in the low area and sell in the high area.
Right now, Monero is in the middle of the range, so not the best trade, but you could add a small position on a smaller time frame here, above these intermediate levels.
Entry: Above 120
Stop: Below 115
Target: Top of range 140
Great Reward to Risk: 4:1
----
!! PM me with any trading questions !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
BACKGROUND:
In all the coins, we had a big run up following Bitcoin's lead, which hit 5000 and had a significant pullback.
Now most coins have found support and they are bouncing.
NEW HIGHS? NOT SO FAST!
They probably won't breakout to new highs so fast, because it usually takes a few attempts before buyers can push through to new levels.
But with support and ressitance clear, like here on Monero, we can buy at the bottom of the channel (support) between the trendlines and sell at the top of the channel (resistance).
This trade is called PLAYING THE RANGE. We mark the bottom of the channel and the top of the channel with careful trendlines to mark support and resistance, then we buy in the low area and sell in the high area.
Right now, Monero is in the middle of the range, so not the best trade, but you could add a small position on a smaller time frame here, above these intermediate levels.
Entry: Above 120
Stop: Below 115
Target: Top of range 140
Great Reward to Risk: 4:1
----
!! PM me with any trading questions !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
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start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591