DOGE has complete exploded out of the range channel
DOGE has made a move we like to see to get it back to all time highs. On a play like this we find the most risk conscious approach to combine momentum strategy with a volume profile. So, we begin by noticing the blow out on the 210 minute... we then look for a pull back past the 50% retracement level where we begin to bid. We are playing this back and forth from a long side approach in a live account as it makes it's way back up into the wick (and hopefully up and out lol.)
Trade active:
we have started our long position under the 50% mark at 0.05962
Comment:
really dangerous here... the collapse all the way back into range is not what we like to see; especially with repeated attempts to break that have failed... aka fractal patterns.. previously. Crypto is in a unique place though... and being long right now is like being long in '98-'99.. being long is the safest bet to make.
Comment:
yeah defs looking like it's going to flush all the BTFD-ers first before/if it goes
Comment:
5724 is the next most risk conscious place to bid for us
Comment:
this price action is horrendous... not digging it at all at the moment. They need to flush... and it could get rough.
Comment:
We are only down 1.3% at this price right here thanks to our scaling in and out, but not excited about these continuous range breaks south. The 21SMA needs to hold on the 210 min... really badly.
Comment:
continuous garbage so far from a price action point of view... the 21 SMA is Obiwan Kenobie here... the pattern is two pushed lower then a reverse up and out. Maintaining a risk conscious position into a pattern like that is difficult to do. We shall see how it plays out. Very disappointing action of this massive move... but it is indicative of a garbage coin. The squeeze and collapse shows 0 real buying interest.
Trade closed manually:
had to bail on this one... took a -3.8% hit on this trade. Really disappointed in how this one turned out given the strength of that up move. But being under the VWAPs like this and continuing to break lower ranges, it's more prudent to step aside here from what we can see.
