LUNA: Low timeframe trading a dead coin on the short timeframe.

Bought in at ca. 0.0000888 BUSD and sold at 0.0004 BUSD, and just re-entered at 0.0002888 BUSD.

w-pattern forming (which is more apparent viewing on the 5mins timeframe -- which TV disallowed publication at that fast timeframe, hence I'm showing this on the 15mins chart).

If LUNA can break above the white line at ca. 0.0004 BUSD and hold, measured move target will be at 0.00058 BUSD, where the previous high was at.

Also note the extreme increment in relative volume after the crash to zero, which was what prompted me to consider trading LUNA.

Note

Sharing the chart at 5 mins timeframe:

Note

Confirmed if this 5mins candle closes above white line.

Note

Broken backdown, however higher high and higher low is being established presently within a rising narrowing wedge; i.e. more likelihood to breaking downwards, continuing the latest trend.

Will set stoploss below the wedge, and wait for breakout (above or below). If it breaks up higher, will switch to a trailing stoploss strategy.

Note

Redrawn trendlines:

Note

Broken up above white triangle, as well as latest "w-pattern" (blue horizontal line), with measured move indicated by the red dashed line:

Note

cybernetwork

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.

cybernetwork