ENJ trade setup
Weekly: long term analysis
After more than 95% deep correction during the bear market,
ENJUSDT is confirming a reversal attempt on a weekly time frame. Volumes are increasing and hinting a reversal completion.
Short term analysis
The breakout of the resistance line happened at the beginning of March. Then we witnessed a nice pullback which confirmed the resistance is now acting as a support line. This offers us a good risk/reward setup to enter.
Strategy
Buy signal has been given from the bounce at the resistance line, entry is taken at this level around the 0.535$ mark
Invalidation
Mental Stop: just below the recent daily swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
After more than 95% deep correction during the bear market,
ENJUSDT is confirming a reversal attempt on a weekly time frame. Volumes are increasing and hinting a reversal completion.Short term analysis
The breakout of the resistance line happened at the beginning of March. Then we witnessed a nice pullback which confirmed the resistance is now acting as a support line. This offers us a good risk/reward setup to enter.
Strategy
Buy signal has been given from the bounce at the resistance line, entry is taken at this level around the 0.535$ mark
- Objective 1: Next resistance line (with Risk/Reward >2) at 0.74$ ( +38%)
- Objective 2: Next resistance around corresponding to the reversal pattern swing move target at the 1.14$ zone (+110%)
- Objective 3: Near the weekly ATH at 3.32$ ( +500%)
Invalidation
Mental Stop: just below the recent daily swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
أغلقت الصفقة: تم الوصول لوقف الخسارة
Our mental stop was quickly touch then real stop was executed at 0.40$ on the 8th of April.
We are out of this trade with a controlled loss of 25%.
Let's move on and focus on our next opportunities.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.