XMRBTC. Dreaming of c&h at night, and here's another one.

POLONIEX:XMRBTC   Monero / Bitcoin
460 9
POLONIEX:XMRBTC has broken the most recent downtrend (see the orange trend line and how price cuts through it). Additionally it bounced of smoothly of the thick green line I have drawn, which happens to be the 0.618 retracement level of the previous impulse move. As far as indicators are concerned, Godmode is freaking out and has been plotting caution dots for a while now. Daily RSI crossed the descending trend line . Everything looks like a nice long setup. Also, I am seeing another cup & handle formation unfolding right in front of our eyes. Call me obsessed with these patterns but they are everywhere lately. Or they have alyways been around and it's just that I really started to get into trading a couple of weeks ago ;)

  • First tp at where 0.382 fib extension and previous support and resistance level converge @ 0.02043.
  • If we make it past that, next target should be the rim of the c&h a bit above the 0.5 fib extension level.
  • If we get there, pray to whatever god you have chosen, and get him to make that c&h a real thing. I count on you!

As always, I am a noob and you shouldn't follow my ideas blindly. Unless you don't mind losing that money. In that case I suggest you rather directly send it to me. I am still learning and hopefully will never stop to learn new things. As such, the ideas I publish are mainly a way for me to get them out in the world and to receive feedback, which in return should make my trading better. So please share your opinions and hit me up if you have something to say, I am happy for every comment I receive. Happy trading!
交易开始: We are approaching an important landmark. If we fail to beat the recent high or at least form a peak of similar height, its hard to say that we are in a reversal from the downtrend. Once me make it to around 0.01850 expect some retracement but watch closely as it is very early and we can't say for sure the downtrend has ended. On the other hand, if it plays out like I suggest there could be a nice inverse head & shoulders pattern forming. Very bullish in that case. Lets see, boys and girls! By the way the long position in the chart is my actual entry point, I have to admit that it was kind of a FOMO-type entry ;)
评论: Thats how the inverse h&s could form. Don't nail me down on that tho. Until now it's only imagination.
评论: We find ourselves at a crossroad right, I see two possible paths: a) we cut right through that resistance at 0.01850 or we retrace for a bit and enter the reentry zone as I have drawn in the chart below. We need to watch closely what is going to happen. Volume is decreasing and we are nearing overbought territory of the RSI. My guess would be that we retrace somewhere back to the reentry zone. In that case, I will lock in some profits at the 0.01850 resistance level and wait for price to sink into my reentry zone for a refill.
评论: Short opportunity, I will sell at the thick resistance (0.01870) for a small profit and short the shit out of XMR once we get there. Target for the short is the reentry zone, the short position in the chart is a good target I believe.
评论: Jus realised that it is hard the see the levels for the short:
- s/l @ 0.01905
- entry @ 0.01847
- target @ 0.01663
评论: There is a sell wall at polo (1300 XMR when I saw it), it is getting eaten quite good. Only 600 XMR left as of now, I think we might not retrace just yet. Tough call! I am a bit undecided.
交易开始: Shorted the retracement and I am long now on XMR. Sorry for the quick and dirty idea, I was kinda busy today. Anyways, it's time to long XMR now. A great entry would be anywhere between the 0.618 retracement level and the thick green trend line. For first tp, check the chart.
评论: Place your stop loss below the last low touching the green trend line.
评论: I do hope that you are long by now, the train has left the station. The chart speaks for itself.
评论: We are still on track, don't worry. BTC is pumping and that, as usual, causes alts to fall. Just checkout my buddy's idea on BTC. Basically, BTC is about to drop like a rock and huge amounts of money will flow into alts. Be patient and never forget the grander picture, little pro tip: try to ban sub 1h tfs from your trading toolkit (unless you're scalping or daytrading). That helped me a lot to net get emotional about temporary swings and chicken out of trades that were right.
评论: Graphical tl;dr:
评论: Still looking good. I spotted a mini inverse h&s (1h tf) within the larger one (4h tf). Volume still looks too thin tho, we need BTC to finally dump. Until then, be patient and look out for other alternatives! ETC for example, still has a lot of room to grow. Maybe not the best time to buy right now, wait for a serious retracement to previous support/resistance levels or key fib retracement levels.
评论: Been testing that resistance at 0.017 twice now. Be careful, move the stop higher to an amount you can live with when you get stopped out (break-even, tiny loss or even tiny profit).
交易手动结束: Closed the trade to restructure my portfolio and diversify.
It's going to happen
ntron jwlondon98
@jwlondon98 yes :)
@ntron, To what price can the ETC fall?
ntron DmitryMayakovsky
@DmitryMayakovsky, thats hard to say, it can also go up and retest the breakout from the most recent resistance (check the red line on top of the last peak). It can also drop down and retest previous levels of support. The white arrows show you some possible routes etc can take. They are all based on previous support and resistance levels combined with fibonacci retracements, but be careful: these levels are not set in stone and break, often actually.
Great Job Sir.
Thank You!
ntron junaidsafdar93
@junaidsafdar93, Play it safe tho! I am still a beginner and I am likely to make mistakes. Always have a stop loss in place and don't trade when you're not comfortable with the setup ;)
@ntron, I am also new Sir,
Stay Blessed.
Add me on facebook if you like : http://www.facebook.com/junaidAthletics110
ntron junaidsafdar93
@junaidsafdar93, thanks man! I hardly use fb anymore but feel free to reach out here on trading view if you have questions.
@ntron, OK Bro I will contact you.
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