OMG facing critical resistance

Apr 27, 2018

OMG is at a critical resistance level. It is making steady but seemingly stronger moves higher, however, this could be cut short if the broader market turns to the downside. If OMG breaks through this resistance I think the next stop will be $25.00. If you're in OMG already I think it's a good place to be. If you are looking to get into OMG, unfortunately, I don't see a good set up right now. Entering here would be pure gambling. Although it looks very strong and has some of the best fundamentals behind it in the space, it could easily be dragged down with the market if it lets go.

You can see a previous trade of mine still on the chart: orange is my average buy price, red my stop-loss, green my take profit levels. I had less confidence in the market when I set those levels. I bought wisely (at the bottom of an ascending triangle); the pattern presented itself, I acted on it and, lucky for me, it was successful. I ended up having to buy back in at $14.00 however when a symetrical triangle pattern formed, signifying the likelihood of continuation to the upside. I'm leaving it there as a reminder to myself of how quick things can change in these markets.

As I'm in this coin already I'll update this as things change. Let me know your thoughts. Good luck trading people.

Apr 27, 2018

Note

A closer view of the reversal pattern (ascending triangle) and the continuation pattern (symmetrical triangle) I mentioned.

Apr 28, 2018

Note

I am watching not only price movement but keenly watching the movement of the RSI as it forms a symmetrical triangle. A confirmed break of this in either direction I would consider a good signal. A failed break (break in one direction then quickly reverse) I would consider a strong signal.



For now it seems there will be some more sideways action before we see a significant move.

Let me know your thoughts! I'd love some feedback.

Good luck trading people.

May 4, 2018

Note

OMGUSD is printing a bullish ascending triangle. It's taken 70x 4hr bars (11.67 days) twice in a row for break outs to occur. Human herd psychology accepts things repeating 3 times so I am positioning myself for a breakout in the coming days.

May 12, 2018

Note

Sorry for the late update.

My stop-loss hit on OMG at $16.25. Nowhere near the profit I wanted to be banking. I was 160km offshore fishing when price went through my targets and I had a stop-loss set, not sells. I hope you did better.

As you can see, OMG has found support, for now at least, at previous resistance level $12.57 which coincides with the 61.8 fib retrace. I have committed to a LTC trade so I will be sitting this one out but the margins and setup looks very similar to LTC - LTC retraced approximately 75%, OMG retraced 61.8%. LTC has had a stronger bounce though.

I will come back to this coin, I love the OMG project, their target market is enormous and their ambition is to solve real world problems.

Going long right now is an aggressive move, a safer move for me would be to wait until the 4hr RSI breaks the downtrend line. Good luck trading.