TLDR: Fully a chart play entry and target setting. Sometimes it is just that easy to get a 17 RRR.
CEXs have been a major problem in cryptos history for price stability due to various reasons. One thing that has become apparent is their financial management of your funds cannot be certain and the case is very clear that if you think you are in a bear market keeping your funds on an exchange is extraordinarily risky. Especially if the exchange is being run by some young whipper snapper.
I have looked at going long on DYDX in the past and got stopped out of my position due to not wanting to hold a bag too long in a bear market and deal with the potential 80% draw downs.
The main chart has a lot of detail on it so I won't be repetitive here. Safe to say I can see price coming of this triangle very impulsively and I don't want to be chasing in. This move is going to be long enough that I do see a chance to add to my position and maybe even lever up.
Below is a chart on ETH for the last bear market and a target of the 2 fib level based off the ascending triangle draw. I am using it as an example to my self of how to sagely add to a position by using the parabolic SAR and ADX. I hope to add to pull backs with buy stops and relatively tight stops losses. When the Parabolic SAR is snugging up to the price action and the D- is above the D+ I hope to se limited downside on my adds. If this market doesn't impulse to target like I expect then I will probably do some capital destruction by adding to my position in this manner. Buy based off of the triangle formation I do expect a very impulsive 2-3 months.
I went into my position some 20% ago x4 and so far am quite pleased. I have almost a 18 RRR. I am going to hold onto my current stop loss until price breaks out of the orange triangle then I will look to a profitable stop loss.
There are some coins that I don't think have bottomed out just yet so just because I have gone long on DyDx does not mean I am going to be long everything. I still have some dips I am looking to buy.
CEXs have been a major problem in cryptos history for price stability due to various reasons. One thing that has become apparent is their financial management of your funds cannot be certain and the case is very clear that if you think you are in a bear market keeping your funds on an exchange is extraordinarily risky. Especially if the exchange is being run by some young whipper snapper.
I have looked at going long on DYDX in the past and got stopped out of my position due to not wanting to hold a bag too long in a bear market and deal with the potential 80% draw downs.
The main chart has a lot of detail on it so I won't be repetitive here. Safe to say I can see price coming of this triangle very impulsively and I don't want to be chasing in. This move is going to be long enough that I do see a chance to add to my position and maybe even lever up.
Below is a chart on ETH for the last bear market and a target of the 2 fib level based off the ascending triangle draw. I am using it as an example to my self of how to sagely add to a position by using the parabolic SAR and ADX. I hope to add to pull backs with buy stops and relatively tight stops losses. When the Parabolic SAR is snugging up to the price action and the D- is above the D+ I hope to se limited downside on my adds. If this market doesn't impulse to target like I expect then I will probably do some capital destruction by adding to my position in this manner. Buy based off of the triangle formation I do expect a very impulsive 2-3 months.
I went into my position some 20% ago x4 and so far am quite pleased. I have almost a 18 RRR. I am going to hold onto my current stop loss until price breaks out of the orange triangle then I will look to a profitable stop loss.
There are some coins that I don't think have bottomed out just yet so just because I have gone long on DyDx does not mean I am going to be long everything. I still have some dips I am looking to buy.
Note
DyDx is up in a big way the last couple of days. I have moved my stop loss to slightly in the money. I don't want it to be too tight just yet. In two days of trading we have reached highs we have not seen in about 90 days.
Note
Note
Note
This has been hard check on price and I have booked my profit entirely. I suspect we will see some toping behavior and then the continued formation of an ascending triangle.
I have an alert on the rising support trendline and hopefully I will be able to refill by bags way down there.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
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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.