This is just a quick idea i saw on the 4 hour BINANCE:YFIIUSD. As you can see in the chart BINANCE:YFIIUSD seems to be forming a Cup and Handle pattern as well as showing a potential cross on the Stochastic RSI which supports the Cup and Handle idea for the Bulls. I will be waiting for the breakout of the handle with some volume showing and take a position around $5325-$5350 with a stop loss close by. We could see another small drop before the breakout of the handle however, I'm thinking we should stay above $4800 area and above if this pattern plays out.
I am keeping a tight stop loss on my position around $4750. Take Profits just below $9500. I am feeling pretty good about this one. The distance of the measured move from the bottom of the cup to the top of the handle would bring BINANCE:YFIIUSD to around $9500 USDT, which is a nice profit.
This is not financial advise, do your own diligence and research. Please leave a comment and tell me what you think!
Any smart entry points if too late ? I was thinking bout buying the upper green support line you drawed ?
Savvythe1
⋅
@John_dik, it looks like we are looking at a Bull pennant forming on the 1 hour chart chart so taking an entry right now may not be a bad idea. Somewhere between $5900 and $6250 IMO.
John_dik
⋅
@Savvythe1, Hey thank you I made an entry for +-6200$, I'm not familiar with the cup & handle pattern yet but I can see a new formation of a cup and handle pattern on the 15 min chart. Is this legal ?
sensiblydecentralized
⋅
Made my first OCO trade, in other words, my first real trade using your insight here. Hoping for a short time frame, I am excited to see how my first real trade plays out. Have been observing crypto trading for years like a sponge, but really dove in today. Thanks for the insight, looks like a pretty straightforward idea with no detracting factors at play. (I still dont know what i am talking about but you get the idea?) Thanks!
Savvythe1
⋅
@sensiblydecentralized, I do understand. Best of luck with your trade. Something that has always helped me trading is finding a good idea posted that I like which has to meet these requirements #1 Idea must be simple #2 Idea must be sensible and last but, not least #3 Idea must be solidified by it's points of entry. Always do you own research even if you have a solid idea you're using, it will grow you as a trader if you look up the defining factors to the patterns of the TA (Trading Analysis) you are using. Such as looking up the perimeters of my "Cup and Handle" formation that I am using in my idea. Crypto is an exciting market but, can be a quick way to lose money if you are not careful and diligent in placing your stop loss orders.
sensiblydecentralized
⋅
@Savvythe1, Thanks for the advice! Must combine multiple signals in order to form a thesis. Taking my time. Thought this was a great idea based on how typical this pattern moves and without any other detracting factors that might invalidate the pattern's strength. Here's to 9k+!