Hey guys, here's a short position trade setup for ICP.
ICP was continuously falling since the market went down. Now it has suddenly broken the falling wedge trendline and moving towards the uptrend. The reason why we are opening a short position is that no retest has been done in the 1h chart. ICP should retest and we can take advantage of it and make some profits.
Entry at $44 to $47
Stop Loss: $54.39 or you can accumulate more if you want to average your entry.
Target 1: $40.84
Target 2: $35.57
Note: You can either wait for the target or close before the target. The decision is completely yours.
Trade safely.
ICP was continuously falling since the market went down. Now it has suddenly broken the falling wedge trendline and moving towards the uptrend. The reason why we are opening a short position is that no retest has been done in the 1h chart. ICP should retest and we can take advantage of it and make some profits.
Entry at $44 to $47
Stop Loss: $54.39 or you can accumulate more if you want to average your entry.
Target 1: $40.84
Target 2: $35.57
Note: You can either wait for the target or close before the target. The decision is completely yours.
Trade safely.
Trade closed: target reached
We have reached our first target. I am closing my 80% position here. Looks like it'll bounce from this point. I am keeping 20% if in case it falls further.Note: I am taking this risk because I have booked a good profit on the 1st target. The remaining 20% won't effect me much.
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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.
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.