Long

NEO/USDT Trading Repeating Pattern

Updated

We have a nice repeating pattern of bounce and consolidation on NEO/BTC (Bittrex). The last to rallies have gone past the 1.618 fib level. A similar pattern looks to repeat itself again now, setting us up for a potential long entry. The 2H MACD gives a great signal for entry. When the price level breaks the resistance of the downward trend, and the 2H MACD crosses, we can go in at the 0.5 fib level of $49-52 and target the 1.618 level @ $66. Set an appropriate stop-loss for your desired level of risk. Only go in if all signals align, otherwise we should wait for a new pattern to form. If price level breaks below 41.83, wait for a new pattern.

Note

"The last TWO rallies have..."

Excuse my Engrish.

Note

Getting close to hitting our entry level here. We've got nice price movement on the 4H time frame, but remember to wait for the 2H MACD cross for confirmation. Entry should be at the 0.5 fib level of $49.32 if you didn't enter already at the support level.

Target 1 @ the 1.618 level of $66 and target 2 @ the 2.618 level of $81.

Trade active

Got the 2H MACD cross and right price level to enter. Set appropriate stop loss, profit targets, and enjoy the ride :)

Note

Wanted to give a quick update and hear your feedback.

Looking back at the first cycle of the pattern, we saw a drawn out consolidation marked by a flat line in the 2H MACD that lasted a little less than 24 hours. This was eventually followed by a spike in bull volume that allowed the jump past the 3.618 fib level. In the second cycle we saw an immediate uptick of bull volume. In the 3rd and current cycle, we got the break in the up-trend resistance and the 2H MACD cross but we lacked the bull volume to follow through. This is similar to the first cycle with a more drawn out, longer consolidation period. Since I haven't hit my stop loss yet, I'm still active. I will wait to see if we get a strong green candle with large bull volume in the next 24 hours.

Hindsight is 20/20:

If we switch over to the 3H time frame, we can see that the signal may have been clearer for entry here. Although we had the correct prive level, the 3H MACD has yet to cross. Perhaps the entry signal would have been more accurate on 3H.

Let me know what you think below, I'd love to hear your thoughts.

Order cancelled

Hit stop loss @ $41. Had signs of the trend repeating but ultimately the pattern failed due to lack of follow through in bull volume. Will wait for a new trading signal on NEO/USDT.

Kennfucius

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