A nice little correction to supportive area and some buying interest on 2 hourlies; with scope to scale in lower.
My basic strategy with ALTS is to look for buying opportunities, and then NOT HODL, but take 4-7% scalps.
Due to the general volatility this is a greater than 50% chance of occurring providing take the profit and not be
concerned with missed profits.
In this case;
* largest recent correction was -20 % on dailies
* It has just corrected -9.5% so entry here for +4% or around 241, with 33% buying power account size
* I will add 33% every -4% drop ( -9.0) and then calculate new average price.
* Take profit from new average price at +4% NO MATTER WHAT.....
Trade active
After just missing out on first target of 241,it has corrected strongly and have doubled up position to 2/3 rds maximum position size with an average price now of 227.
Looking for a profit target of 237 ( +4%)
Will add another 1/3 position size -8 lower again ....
Trade closed manually
Decided to take profits at 234.65 for 3.3% profit as price seems to have stalledjust below target of 237. Happy enough enough with this scalp, as can occur often enough...better to play it safe and enter again lower holding onto gains on the table.
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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.