Solana – Low risk – High Reward Trade
Updated
TLDR:
• If SOL can reclaim the range low, it could be a lucrative long trade; possibly a 70% profit.
Background:
• On the 29th of December 2022 Solana made its bear market low. My basic premise is that if SOL reclaims the range low, it will not go down to this level in the foreseeable future.
• Solana is trading in a range since January 2023. The range low is at 15.59$. The range high is at 26.6$.
• On June 10th, Solana went under the range low to 12.6$.
• Solana left a wick but, it retraced to fill more than 50% of the wick.
• ATM, it is not clear that the bottom is in. However, if Solana can reclaim the range low and test it as support, it could go as high as the range high.
• IMO, SOL could be a low-risk, high-reward opportunity because of the close invalidation.
Trade Idea:
• Entry: 15.65 After retest as support
• SL: Below the last daily candle, approximately 15.15
• TP: 18.24, 21.52, 26.45. Leave a moon bag.
NFA
What do you think? Please share in the comments.
Best wishes to all.
• If SOL can reclaim the range low, it could be a lucrative long trade; possibly a 70% profit.
Background:
• On the 29th of December 2022 Solana made its bear market low. My basic premise is that if SOL reclaims the range low, it will not go down to this level in the foreseeable future.
• Solana is trading in a range since January 2023. The range low is at 15.59$. The range high is at 26.6$.
• On June 10th, Solana went under the range low to 12.6$.
• Solana left a wick but, it retraced to fill more than 50% of the wick.
• ATM, it is not clear that the bottom is in. However, if Solana can reclaim the range low and test it as support, it could go as high as the range high.
• IMO, SOL could be a low-risk, high-reward opportunity because of the close invalidation.
Trade Idea:
• Entry: 15.65 After retest as support
• SL: Below the last daily candle, approximately 15.15
• TP: 18.24, 21.52, 26.45. Leave a moon bag.
NFA
What do you think? Please share in the comments.
Best wishes to all.
Trade active
At this stage, you should monitor this trade closely. Don't give your profit back to the MMNote
SOL is killing it! we are approaching s supply zone, be carful.Note
SOL blasted through the supply zone and it looks as if it is flipping it.If you want to take a long, I suggest to put your stop below the 21D EMA.
We have a long weekend ahead and nobody knows what will happen.
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