Another quick DASH through falling knives
تم تحديثه
Hopefully you preserved much capital with my bollinger band squeeze warning last week. I see it possibly could be spent, and due for a little snap back rally. I have entered another short term bullish trade on Dash. As stated in my last bullish trade, I'm still not convinced the bottom is in in the overall market. But here is my explanation of the new trade.
1)I like to look for long trades when RSI has a double bottom in the relatively extreme 20-30 range (conversely, exit trades in the 70-80 range). This becomes more attractive to me when there is either divergence, or the second low in price is drastic relative to the second RSI low. In this case, I'm looking at RSI under 21 on May 28 at $285 DASHUSD. Then RSI over 24 on June 11 28 at $259. And the more recent RSI near 32 with price under $250. It qualifies to grab my attention.
2) We are on the 100MA on the weekly right now!
3) We are at substantial support from October 2017 before the last rocket launch.
4) The price of DASH is just outside the bottom of the bollinger bands . Which can help with any snapback similar to the action from May 12 and my last published trade May 28.
5) MACD divergence.... self explanatory.
Stop $235
Buy $251
Target 1: $285 (1:2.1)
or 100 MA on the 3 hr chart
Target 2: $315 (1:4)
IF half of position is exited at first target, and half at second target, this trade will net 3R.
This is a tight stop, because if this is the final carnage, then it could run quick...but conditions warrant a nice pop here before (if) that happens. This is my trade, tailor your own trade with your own analysis.
Do you agree with this setup? Did you use different price levels? Feel free to comment what you are seeing. Thanks for viewing.
-Travis
JMJ - UIOGD
1)I like to look for long trades when RSI has a double bottom in the relatively extreme 20-30 range (conversely, exit trades in the 70-80 range). This becomes more attractive to me when there is either divergence, or the second low in price is drastic relative to the second RSI low. In this case, I'm looking at RSI under 21 on May 28 at $285 DASHUSD. Then RSI over 24 on June 11 28 at $259. And the more recent RSI near 32 with price under $250. It qualifies to grab my attention.
2) We are on the 100MA on the weekly right now!
3) We are at substantial support from October 2017 before the last rocket launch.
4) The price of DASH is just outside the bottom of the bollinger bands . Which can help with any snapback similar to the action from May 12 and my last published trade May 28.
5) MACD divergence.... self explanatory.
Stop $235
Buy $251
Target 1: $285 (1:2.1)
or 100 MA on the 3 hr chart
Target 2: $315 (1:4)
IF half of position is exited at first target, and half at second target, this trade will net 3R.
This is a tight stop, because if this is the final carnage, then it could run quick...but conditions warrant a nice pop here before (if) that happens. This is my trade, tailor your own trade with your own analysis.
Do you agree with this setup? Did you use different price levels? Feel free to comment what you are seeing. Thanks for viewing.
-Travis
JMJ - UIOGD
تم فتح الصفقة
I'm moving the stop up to $253. This guarantees a winning trade. More details coming as I am also exiting a few positions here.تم فتح الصفقة
I split this trade up. I exited 30% of position here at $270.Of the remaining 70%...
Half is at a stop of $253 with a target of $280... which is where the 100MA should be by that time.
The other half is at a stop of $260 with a target of $295... which would allow for a throw over of sorts relative to the 100MA.
See the RSI strategy below to see why these trades work, and when they exhaust. On the previous examples, the RSI bounce topped at over 60. Right now RSI is at 57. So in my opinion, I really need to see a new high in price, or divergence (albeit slight) sets up the other way... That is the reason for all the actions.
With these moves, the max R value for the trade is 1.8R .... the worst the trade can do is make .6R... so either way, it is profitable.
أغلقت الصفقة: تم الوصول لوقف الخسارة
This trade is closed, as it was stopped out on the new stop. Finished making .6R , I really thought it would have made a bit more than that...but still a winner.I'm not officially posting, but I did reenter on that 'normal' action on the bitfinex btc chart...will use same stop and targets.
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