Long

EGLD (Elorand) Facing a Moment of Truth

Updated

This is a cryptocurrency that was brought to my attention by someone in my latest stream. Two things I liked about this chart. (1) How this coin has been consistently outperforming Bitcoin with higher lows, and (2) how it is sitting in a sensitive spot right now that will determine its future path for many weeks ahead. I will keep adding to this idea as price action progresses. I will cover it in my next stream for sure. Let this be an anchor holder.

You can follow this chart here.

Trade active

This is an exciting entry point for EGLD/BTC. It is at a 9 buy on the TD Sequential indicator. At the same time, it is at the supporting trend line and at the TDST level from the same indicator. This makes it easy to set up a tight stop loss. Excited about this trade, but keep emotions intact.

I chose my stop loss to be at 4655 Sat and my initial bull target at 5820 Sat.

Note

We reversed off of the TDST and the 9 candle, got some momentum going, and now we're back where we started. If TDST line breaks, the trade is off.

Note

Reversed off of TDST a second time. However, we are still under the the trend line. This is starting to look like a descending triangle. Not good. I'm bearish right now. Position does not change though. Stop loss remains at TDST. If this breaks above the trend line, then I become hopeful.

Note

We're back into the zone above the trend line. Let's hope this time we stick around. This is a good entry point if you were not in before. The stop loss remains in the same position as before. That's about 15% below current price right now. Good luck trading.

Note

EGLD is going sideways and testing my patience. But from my experience, the moment you exit a trade out of boredom is exactly the moment it works. So we wait. Our stop loss is still in the same place. We haven't broken below TDST. Nothing changed.

Note

EGLD still going sideways and boring us. Will it go downwards as it touches the descending trendline tomorrow? Or will it explode upwards? I wouldn't bet on any direction but I would certainly not increase my trade, and I keep my stop loss where it is.

TechNerdOmar

Also on:

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.