Long

INJUSDT to bounce from daily support

Updated

The last long did not work out. We had a bit bounce from the 4h support but it was not substantial to fulfill our trade goals. However, the price has now come to the daily support. This zone is a pretty strong support zone and will provide support to the price and the price is likely to hold this level at least to allow the price to bounce good enough for a long trade. You can see on the chart that this level has held the price in past when the price hit this level several times and finally provided a good upward move. And therefore, I believe this is a good level to go long spot. The trade idea has been put on the chart but it can be adjusted as per the need. The idea is not to lose this opportunity due to just a spike on the
down side.

Note

The price has found support here at daily support DS1 and bounced from there. The price has moved beyond the halfway our target. The price seems to be well on its way to the target. I will book some profit here in order to secure this trade. I see some LTF resistance here but the price might not necessarily struggle there.

Note

The LTF resistance I mentioned in my previous tweet turned out to be effective opposite to my expectation. Thats why the decision to book some profit there at 8.20 was a very good one. As I always say, its always good to do that when price moved more than half the profit target. This opens other opportunities like avoiding loss even if the trade goes against after that or allows to compound the profit by adding to the position again if one is confident about the trade direction.

Note

The price is well held by the daily support DS1 and has provided the desired bounce multiple times. We are in this trade for long where we took some profit and added again some size later on drop to the daily support. Once again price came to the LTF resistance LTFR and got pushed back down. However, I think next time it should clear this resistance to move towards our original target of 4HR1 and may further move up to daily resistance DR1.

angela_altair

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