AION: Symmetrical Triangle Play
Updated
On the daily, AION is looking to shoot up with its MACD Cross and Bullishly Diverging RSI. This is a good long-term play.
If you zoom in on the 4-hour chart, the indicators look neutral, but an Ascending Triangle has been identified.
These are considered continuation patterns for uptrends, but have a higher probability of being reversal patterns in a downtrend.
If we take the height of the triangle on the 4-hour chart, we can enter (assuming the breakout support holds) for a nice 9% return at 3015 satoshis. I would set a stop just below the current support for a 2% potential loss. this gives us a 3.5+ R:R.
This isn't financial advice, just my opinion :)
Feedback is welcome and always appreciated!
Note
This is the first time the outlined support has been held since AION attempted to break it on May 29th. Candle strength is dwindling but this trade looks promising so far. If I see sell indications, I might just take the 1% I made and close. This stance could change depending on higher-timeframe charts (AION seems like a good medium-term buy on the daily).
Note
Great play in my book. Always be weary of fakeouts on a pattern break. My strategy was to wait for a confirmed support before going in, and it's been behaving nicely so far.
Note
I would consider selling upon breaking the slant support. I'm hoping we still have some more momentum though.
Trade closed: target reached
We've hit my laddered sells for this day trade for a quick (approx) 8% ROI! Pretty happy with this one, my first close on TV.
I'm also in for the longer term on this coin but that's a different setup. The portion that I sold was just me practicing some discipline in day trading. Taking profit is always difficult for me :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.