Jellep99

$XTZUSD H&S Failure incoming & continued rise?

COINBASE:XTZUSD   XTZ/USD
Before we get into this idea, please note that performance is not guaranteed. I recommend doing your own research before entering any trade. Your upvotes & comments are appreciated.

Two days ago, I shared an idea expressing my concerns about a possible Head & Shoulders formation on the COINBASE:XTZUSD Chart.

Since the right shoulder failed to breach the trend line I identified in previous ideas, I see potential for a failure of the H&S pattern. In order for this H&S to fail, the ​price needs to break the top of the right shoulder, around $2.84.

If COINBASE:XTZUSD indeed manages to break through the $2.84 levels, the upwards trend has proven its strength. Moreover, I believe a rise in price to the upper limits of the channel will not be unlikely as a result of the breakout from below $2.84.

As of right now, I suggest holding your current stake. If you are a firm believer in the upwards trend, buying around $2.70 is not a bad idea, but keep your SL tight.

Important: I myself will not be trading this setup specifically. I already hold XTZ and do not plan on selling them unless the​ price fails to break $2.84 before the 13th of May, when $2.84 is the exact bottom of the upwards trend channel.

Best of luck, traders!

- Jelle

Comments

Had a stop loss at 2.43. Ooops. It got taken. Of course small bounce up, but do you think it will go up or now really start to go down? Thank you
+1 Reply
THGB THGB
@THGB, bought half back in at 2.55. that was a good idea though. lol
+1 Reply
@THGB, Oof. Yeah, at least you got back in in time. I'm quite happy that it retraced, keep in mind this is only a small drop compared to the gains in the past months. We'll be back at $2.80-$3 range soon imo.
+1 Reply
THGB Jellep99
@Jellep99, yes that is already a big step up for me. Two years back I would have waited like a dumbell for it to go to 2.43 again. Then see it going up and eat my fingers lol. I accepted I had to go back in with less tez onceeeee againnnn lol. I lost 8% of my xtz. But I understand now that I should not look at today only, because tomorrow or whenever there are more opportunities to trade them back. And tomorrow I happen to get some more extra money so if I buy some more I can kind of even it out against eachother when it goes up more.

And I should have followed up on your super tight stop loss suggestion. It was a sunday, was at my mom’s, and I thought pffhss 2.43 I don’t see that really happening. Lol. It’s those spikes! Thanks!
+1 Reply
@THGB, We all learn. I didn't see this drop coming even though I should have. A red portfolio takes some getting used to, but it's fine :)
Reply
THGB Jellep99
@Jellep99, well, good thing I rode it back up a little and then sold. Now I WOULD have the same amount of tezos again. There you go. But not I am staying out.
+1 Reply
@THGB, ++++
+1 Reply
THGB Jellep99
@Jellep99, I did get in again in the 2.40 range. I am now in with 30% of the xtz I originally had because I sold the rest because I bought studio furniture with it. Had a great deal there which would also count as profit. I am still gonna buy back over time though. I am taking a gamble if it would go down again some months from now, who knows. Otherwise I will have to trade the hell out of these coins I have now to make them back lol. So I am taking a gamble by having bought the furniture and tezos not going up too much in the coming months.
+1 Reply
@THGB, You do need furniture too. Don't get fixed on the number of coins, you'll earn a lot anyway. Also, the experience from trading this hellhole is worth a lot!
+1 Reply
THGB Jellep99
@Jellep99, I know, I have this image in my mind that I need a certain amount of xtz to hodl so I can sleep easily. Lol
Reply
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