Entered a long on Render now. It is one of the coins I have had a long time in my spotbag and it has the biggest share of my bag. I really believe Render will do several X:s from here. Think it will push up from this price level aswell.
Trade active
I added some more margin @ $5.165. My average entry price is now $5.195. I also moved my stop loss from $4.45 to $4.25 to let the trade breathe some more if it comes to that. The weekly support zone I consider to be between $4.27-4.65, so just below that. I really believe in this trade, but it might take some time for it to play out. Lets see!Trade active
My opinion on the weekly support zone and the volume profile can bee seen here:tradingview.com/chart/RcbyTicg/
I just placed a limit order @ $4.90 to increase the margin even more if it comes down to that. I put 1 % risk @ $5.21 and another 1 % risk @ $5.165 and have now the limit order with another 1 % risk if it hits. So in total I would have 3% risk on the trade if it hits $4.90. Still bullish because the fundamentals also tells me Render will be priced higher. Increasing whale activity, institutional interest (Coinbase futures), and growing adoption in decentralized GPU rendering make Render a strong candidate for a potential higher price in the near term. NFA!
Note
So I got a DM with a question about why I chose the different prices to enter. Here´s a simplified answer:1. Original entry @ $5.21 I saw a bounce back up from the trendline with a ChoCh on LTF, so I could target the FVG at that price.
2. Second entry @ $5.165 I just figured I will add some more margin around the trendline at the same time as I moved my SL lower. Thought I could increase my risk from 1-2 %.
3. Third entry (has not yet hit). There´s a liquidity level @ $4.90 which it should/could react to and with a price that low I think it´s worth adding some more margin. My normal risk per trade is between 1-3 %, so it still fits into my risk management.
Trade active
Will take first profit @5.60 (around 30 % out) and move SL to BE at the same time if it hits.Trade active
My limit order hit @ $4.90 with a wick/liquidity grab, so now I have an average entry price on $5.077 on this trade and 3 % risk in it. Note
So, we just saw a giant red bearish candle with a wick/liquidity grab around the bottom of the support zone. Probably because of Israels attack on military targets in Iran. The entire market dumped. My earlier decision to move SL to below the zone ($4.25) seems like the right choice so far. Now, let´s hope it doesn´t go lower.Trade closed: stop reached
It hit SL $4.25. Onto the next trade!
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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.