ICXBTC - Follow up on wedge trade Support and resistance
Updated
Original wedge breakout never eventuated. But one of the trades is still a possibility,
1) looking at a break of resistance at 3615 for a Long R:R is approximately 2:1 as it stands. The SL for this trade reduced depending if any structure is formed before the break in resistance.
2) Another option is to place an order at the Demand block.
I see two demand blocks right on top of each other, so I am considering placing staggered orders, one for each demand block to give me a better R:R. (approx 5:1)
Just one thing to note is to consider what BTC is doing when you are entering, as large movements from BTC has a tendency to affect Alt coins.
#SOS #SCHOOLOFSPARTA #MBA #MBATRADINGACADEMY
1) looking at a break of resistance at 3615 for a Long R:R is approximately 2:1 as it stands. The SL for this trade reduced depending if any structure is formed before the break in resistance.
2) Another option is to place an order at the Demand block.
I see two demand blocks right on top of each other, so I am considering placing staggered orders, one for each demand block to give me a better R:R. (approx 5:1)
Just one thing to note is to consider what BTC is doing when you are entering, as large movements from BTC has a tendency to affect Alt coins.
#SOS #SCHOOLOFSPARTA #MBA #MBATRADINGACADEMY
Trade active
Option 2 long: First staggered order in Demand block has been picked upTrade active
2nd Stagger hit, trade started moving now.Moved SL upto 3590 to protect profits and took some profit.
you cant go broke taking profit.
Trade is now in a position where I cant lose
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