Potential Triangle Breakout - Long EOSBTC
Updated
The same pattern. Higher lows, lower highs.
Entry: Put a Stop Buy on the high created on 20th of July (.0004159|+P)
SL: HL (.0003731|-P)
TP: *
Setup conditions:
Setup invalidation:
*I do not like TP on trend-following strategies – let the winners run!
If you have any questions about risk management or whatever, do not hesitate to contact me.
SystemFollower
You can read more about me as well as about abbreviations/ideas (*) used in this description at the link below.
Entry: Put a Stop Buy on the high created on 20th of July (.0004159|+P)
SL: HL (.0003731|-P)
TP: *
Setup conditions:
- H created today must be under yesterday’s H! therefore wait for a today’s close.
Setup invalidation:
- LL will be created
*I do not like TP on trend-following strategies – let the winners run!
If you have any questions about risk management or whatever, do not hesitate to contact me.
SystemFollower
You can read more about me as well as about abbreviations/ideas (*) used in this description at the link below.
Trade active
Stop order hit so I am in the trade.With a %W (winrate) slightly above 50% and avgW 5times bigger than an avgR on a trade, I have an expected value of the system 1.43. This means for every $1 wagered I expect to make $1.43 per trade.
To win, you have to risk losing.
Note
Hopefully, we manage to close above the breakout level. Otherwise, it could signalize a failed one. Something about taking profits.
I do prefer trailing SL. It can be done in many different ways, in this setup, I simply follow the rules of a trend following, therefore my SL is always at higher low and I close a position whenever there is a new lower high created.
Note
Retest after the breakout followed by bulls reaction. Looks promising.
Trade active
Hey, lock some profits by moving your SL to a recent higher low. Trade closed: stop reached
Related publications
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.