OMG Counter-Cyclical Breakout Trade: Good for 10 - 15%?
Updated
Two possible pattern formations on the 30 MIN chart offer short-term long trades with nice R to R. Keep in mind this is a counter-cyclical trading environment, so I would stay disciplined on this one.
- Breakout buy can be above $6.70 for a MIN TP of $7.34 and MAX TP of $7.95.
- Breakout sell can be below $6.31 with a MAX TP of $5.70. You could carry this short forward, but with a major classical fibo support at $5.43 that is not recommended at this time.
My strategy includes evaluating against BTC:
In this chart we have upward potential sitting at the bottom of a larger falling wedge and the edge of a major fibo zone. A break to the downside may invalidate our OMGUSD idea.
- Breakout buy can be above $6.70 for a MIN TP of $7.34 and MAX TP of $7.95.
- Breakout sell can be below $6.31 with a MAX TP of $5.70. You could carry this short forward, but with a major classical fibo support at $5.43 that is not recommended at this time.
My strategy includes evaluating against BTC:
In this chart we have upward potential sitting at the bottom of a larger falling wedge and the edge of a major fibo zone. A break to the downside may invalidate our OMGUSD idea.
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Turned out to be a bearish harmonic?
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