I own Verge in XVG/USD, Ive been looking for an opportunity to buy more and I think I just found a good one if it pans out. I usually Chart against the Dollar when possible, but this XVG/BTC deal is too good to pass up. Another reason I am going with the XVG/BTC is that I am counting on Bitcoin being bearish for a bit and this may help fuel a move up in XVG/BTC. This stuff is dirt cheap so its Time to Stock up on Dirt Baby!! I put in 2 targets, but I am holding long term.
The Rules
1. (BEFORE YOU BUY) You want to see this rise well above the .50 retracement and close up there, It can even go as far as .75 extension or spike above it, I do not want to see it close above the .75, if it leaves some wicks behind, no problem, but I really want to see it go into the .75 area and get rejected and fall back down near .50.
2. (GET Ready To BUY) We buy the pull back to .50 area, it may overshoot .50 from panic selling, it could overshoot .50 cause it wants to, the point is to buy .50 or around it, unfortunatly this is an Art, not an exact science. The range to buy is 177 Satashi to 189 Satashi, .50 is sits on 182 Satashi. this setup is forgiving, you dont have to be exact.
3. (Stop Loss) For you short term day traders, set a stop loss at 148 Satashi or lower if you see fit for your style, if it closes below .50 on the retracement, it may be failing.
Dont forget,
Be Patient.....
and
Let the trade come to you!!! If it does not come to you, it wasnt meant to be, or I am a really bad Analyst :-)
- Netrunner
The Rules
1. (BEFORE YOU BUY) You want to see this rise well above the .50 retracement and close up there, It can even go as far as .75 extension or spike above it, I do not want to see it close above the .75, if it leaves some wicks behind, no problem, but I really want to see it go into the .75 area and get rejected and fall back down near .50.
2. (GET Ready To BUY) We buy the pull back to .50 area, it may overshoot .50 from panic selling, it could overshoot .50 cause it wants to, the point is to buy .50 or around it, unfortunatly this is an Art, not an exact science. The range to buy is 177 Satashi to 189 Satashi, .50 is sits on 182 Satashi. this setup is forgiving, you dont have to be exact.
3. (Stop Loss) For you short term day traders, set a stop loss at 148 Satashi or lower if you see fit for your style, if it closes below .50 on the retracement, it may be failing.
Dont forget,
Be Patient.....
and
Let the trade come to you!!! If it does not come to you, it wasnt meant to be, or I am a really bad Analyst :-)
- Netrunner
Comment:
Hey Fellow crypto traders/investors, Verge is finally looking promising as far as moving to hte next level of resistance. My theory on this was that I was looking for Bitcoin to cool off and head down, I am a little bearish on BTC, but at the moment Verge is moving with BTC which is up, they are correlated at this moment, so I am gonna keep a close eye on this and watch for a de-coupling, if it does not de-couple from BTC, which is OK, I will re-evaluate this setup and decide if we keep on course or look for an alternative setup.
Comment:
We are no in the Buy Zone on the way up, I do not anticipate too much resistance here, as of now I am still sticking to the plan, and that is for it to hit the confirmation area, and bounce back to Buy Zone where we will have our order waiting.
Comment:
So we touched the buy zone which is my first point of resistance, not surprised but I am surprised at how slow this is playing out, it seems like everything is waiting for bitcoin to make a move. Will keep you posted.
Comment:
This is a SOLID failure on Verge. We have to wait and see how this level holds and go from there. This is exactly why I did not buy in right on the break, you need those confirmations!!!