ICON / BitcoinLong
ICX Tighter Channel
Updated
Already updating my last ICX Channel for day traders.
The channel still holds true, but it's actually a bit tighter now. I decided to keep the original channel (since it is still holding true) but keeping an eye on the tighter channel for breakouts/breakdowns. The Yellow support line is the original channel. It will most likely serve as a stop loss.
However, if you are conservative and just now getting into the trade - follow the blue!
ALSO:
I am following this on a 5 minute time frame. It works just the same on a 15 minute, but I just prefer to see what the market is looking like at every moment. And Trading View doesn't allow for anything less than a 15 minute time frame. Happy trading!
The channel still holds true, but it's actually a bit tighter now. I decided to keep the original channel (since it is still holding true) but keeping an eye on the tighter channel for breakouts/breakdowns. The Yellow support line is the original channel. It will most likely serve as a stop loss.
However, if you are conservative and just now getting into the trade - follow the blue!
ALSO:
I am following this on a 5 minute time frame. It works just the same on a 15 minute, but I just prefer to see what the market is looking like at every moment. And Trading View doesn't allow for anything less than a 15 minute time frame. Happy trading!
Trade closed manually
Update: We broke down on the channel. From the last touch on the channel to the current point is a 618 fib retracement, so it looks like the bots are trying hard to buy up this range, but the selling pressure is too heavy. It's having some trouble breaking to a down trend because of this, but it broke out of the channel. Unless there is a massive breakout, I would say its safe to close positions.
Entrance to the breakdown of the channel was around a 6% gain - not too shabby for the day!
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