Current price action
Since august 5 arbitrum made an new all time low
Series of higher lows and higher high since that bottom
Consolidating under 0.5 Fib retracement wich currently act as resistance
Momentum indicator
Personal indicator wich gives buy or sell signal based on 2 day timeframe momentum
The average price act as support in the direction of the giving signal
Dynamic stoploss acts as an trailing stoploss wich follow the average price
Buy signal confirmed this morning
Trade
Entry
Market price(0.5820), Average price (0.5651) or wick trough dynamic stoploss (0.5539)
Break above the 0.5 Fib retracement (0.5959)
Risk
Last higher low (0.5451)
Take profit
Monthly level (0.6574) and 20D level (0.7476)
Since august 5 arbitrum made an new all time low
Series of higher lows and higher high since that bottom
Consolidating under 0.5 Fib retracement wich currently act as resistance
Momentum indicator
Personal indicator wich gives buy or sell signal based on 2 day timeframe momentum
The average price act as support in the direction of the giving signal
Dynamic stoploss acts as an trailing stoploss wich follow the average price
Buy signal confirmed this morning
Trade
Entry
Market price(0.5820), Average price (0.5651) or wick trough dynamic stoploss (0.5539)
Break above the 0.5 Fib retracement (0.5959)
Risk
Last higher low (0.5451)
Take profit
Monthly level (0.6574) and 20D level (0.7476)
Note
Overview 2D chart and signalsthis strategy profibality depends on the duration of the trend in one direction
False signals and small bounces is the cost of trading in this strategy
Note
3 orders filledEntry on market price (0,5820) RR = 4,49
Entry on average price (0,5651) RR = 9,12
Entry on dynamic stoploss (0,5539) RR = 22,05
Note
stoplosses hit yesterday, price now returning to te last higher low areaIf this area holds as resistance, arbitrum could pullback to the 50 cent area
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.
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.