Luna Ascending Channel formation
Updated
After an unexpected rebound at a higher price than expected, Luna is begining to form an ascending channel within the already existing channel on higher time-frames
This type of patterns tend to have a lot of different resolutions, instead of trying to guess which is going to happen, it is more intelligent to let it develop and enter at the boundaries of said channel, only when the movement is clear and always with a tight SL.
As for now, it is looking quite bearish for the next 12 hours or so. After a red close, one can consider looking for a short entry with a SL set around the 94$-ish price level and a TP around 91.5$-92$ price level
This type of patterns tend to have a lot of different resolutions, instead of trying to guess which is going to happen, it is more intelligent to let it develop and enter at the boundaries of said channel, only when the movement is clear and always with a tight SL.
As for now, it is looking quite bearish for the next 12 hours or so. After a red close, one can consider looking for a short entry with a SL set around the 94$-ish price level and a TP around 91.5$-92$ price level
Trade closed: target reached
As mentioned a short position was taken around 92.5$ down to 91$ as confirmation was detected late.Probably should've looked into the hourly chart to see how it was a clear short position and avoid the hesitation.
Still a nice +50% profit taking leverage into account
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