Good area for long reversal with plenty of TP targets along the way. RR is > 7:1. Getting in as close to 1.0926 as possible for lowest risk.
Kind in mind that the larger trend is still bearish, so I will be going in with a smaller position than usual.
Ok, so I was stopped out of my last IOTA trade, still took some profits along the way at the 10% mark, could have taken 20% but it moved down too fast.
We have another opportunity here, with an even better RR.
Entry zone: 0.22-0.25
TP1: 0.38 (shooting for this target, anything else is a plus.)
SL: below 0.18
Given the sudden dollar dump at close on Friday, this rally may or may not happen. The ideal point of entry would be on a rally, but if support is crossed with increasing volume that could also be an entry point with a stop inside the trading range.
I know it's too soon to tell, what I'm showing you is a potential scenario that would be similar to that of Dec '17. Roku is clearly in OB territory (W), and some distribution is visible. For the fractal to play out, we need to see a strong move up, close to low $120s and then strong selling from there.
BTC could still move lower inside the green box (I actually expect that based on what volume and price action shows right now), but based on the 2017 fractal, the mid-term should be bullish. IF supply increases and goes below that green box, we could be seeing something totally different. So trade carefully with proper risk management.
If this level holds,...