DOGE [Update]
Since my first DOGE idea the asset continued to seek lower support resistance areas, however, it bullishly maintained and respected the downward sloping green trendline that was broken almost exactly a month ago from today.
Now, DOGECOIN finds itself in a range between the .236 and .382 fibonacci levels that correspond with the swing high to $0.29.
It is my hope that the chart here is fairly self-explanatory.. we long any dips (preferably with limit orders) at the .236 ($0.18984) fibonacci level. As always anything below this important fib level is a no trade zone for me personally.
In the meantime, we have been gifted a small uptrend and now we know that a break of this small uptrend on the daily timeframe could lead to the dip that hits our $0.18984 limit orders.
It is too much to illustrate the logistics of proper trade entry as it can not all be perfectly covered at once in a single trade idea.
For this case simply keep in mind that an uptrend like this around a key reversal area is a signature of authentic bullish momentum right before fireworks.
If we long the trend and price runs to higher prices we win, but if our trend breaks, we get our buy orders at discounted prices filled, which means we still win anyways. Stop losses just below our .236 fib as always of course.
This is an example of how to safely enter/exit trades when prices are hanging in the middle of a range.
*PLEASE exercise proper risk management (alerts, stop losses, etc)
I AM NOT A FINANCIAL ADVISOR
Now, DOGECOIN finds itself in a range between the .236 and .382 fibonacci levels that correspond with the swing high to $0.29.
It is my hope that the chart here is fairly self-explanatory.. we long any dips (preferably with limit orders) at the .236 ($0.18984) fibonacci level. As always anything below this important fib level is a no trade zone for me personally.
In the meantime, we have been gifted a small uptrend and now we know that a break of this small uptrend on the daily timeframe could lead to the dip that hits our $0.18984 limit orders.
It is too much to illustrate the logistics of proper trade entry as it can not all be perfectly covered at once in a single trade idea.
For this case simply keep in mind that an uptrend like this around a key reversal area is a signature of authentic bullish momentum right before fireworks.
If we long the trend and price runs to higher prices we win, but if our trend breaks, we get our buy orders at discounted prices filled, which means we still win anyways. Stop losses just below our .236 fib as always of course.
This is an example of how to safely enter/exit trades when prices are hanging in the middle of a range.
*PLEASE exercise proper risk management (alerts, stop losses, etc)
I AM NOT A FINANCIAL ADVISOR
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