Been busy trading BTC and running the Edge Analysis Group but its time to post again so here it is;
XLM's trend is down so shorts are more attractive now especially with BTC acting up, none the less the market is still in a full on bull market compared so the short will be short but sweet with a tight stop loss.
- Cloud entry with some supportive buy but still in a downtrend.
- nearing a short term swing high.
- Tight stop loss opportunity with a high gain opportunity.
- cloud, break attempt.
- down trend on the higher frames.
- Momentum for an uptrend weakening. ( osc: )
I do think many traders are watching the patterns to long it but that swing high inside the cloud and getting denied is a signal if you like it or not, the gain of a long towards the 200 or edge of the cloud is too low compared to the downside risk of your stop loss getting hit even though you could do a long trade based on the pattern that is forming right now.
I am on XLM because of the , potential loss is low and the potential gain is high in the short term.
Green lines: Target zones, adjust to risk profile.
Box + orange lines : Stop loss area, adjust to risk profile.
Gain: 11%- 18% ( for those that want to be risk averse, 50 is the earliest TP target. not included in calc. )
I will be looking to go long if we break the cloud but for now that is not the case so short it is.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock/cryptocurrency picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. These are not facts but my personal views and opinions.
I will not and cannot be held liable for any actions you take as a result of anything you read here.