The market had a retracement-hopefully it was a retracement, and now it lighted it first white candle in 4 hr time frame. it may be early to make this assumption, but I will make it anyways.
15.935 is a critic resistance level. Below that level, the price is in process of making a cup and handle formation.
I am expecting this formation to be completed before this coming Monday. If it doesn't, this idea will probably be cancelled.
I would break my LINK budget into three pieces: I would buy with now with 1/3, I would buy another 1/3 after the breakout-if it does, and I would use the last 1/3 if the resistance gets confirmed as the new support line. One important point is that 16.500 might be the highest high for this move since it might be completing its Elliot waves, so depends on the price action and indicators, TP might be necessary. Stops are always crucial, and it is different for everybody.
I hope LINK will do as we say. Happy trading.
ps trust me, this definitely not a financial advice in any sort of way
15.935 is a critic resistance level. Below that level, the price is in process of making a cup and handle formation.
I am expecting this formation to be completed before this coming Monday. If it doesn't, this idea will probably be cancelled.
I would break my LINK budget into three pieces: I would buy with now with 1/3, I would buy another 1/3 after the breakout-if it does, and I would use the last 1/3 if the resistance gets confirmed as the new support line. One important point is that 16.500 might be the highest high for this move since it might be completing its Elliot waves, so depends on the price action and indicators, TP might be necessary. Stops are always crucial, and it is different for everybody.
I hope LINK will do as we say. Happy trading.
ps trust me, this definitely not a financial advice in any sort of way
Comment:
I forgot to add it on the chart. when I said I would buy 1/3 now, I actually did. TP for that order was 15.602, and it has been reached. Feeling emotional at the moment. I want to sell some, and at the same time I want to hold on to it because it is still rising. Other than that, I am definitely selling half of that 1/3 at 15.935 resistance line. That line is crucial and the breakout needs to be analyzed carefully.
Comment:
I sold that 1/3. Easy profit
Comment:
Breakout with huge volume has occurred and hit Elliot wave #5. I hope that the price will visit at least 16.350 so that it can give me an opportunity to place another order. If it doesn't make any sort of retracement and hit the TP, I am not buying since it wouldn't fit my criteria.
Trade closed: target reached:
oh well 🤷♂️