SHIB🐕 breaking out once again? 3

Please 1st of all click the boost🚀 button if you want me to post more ideas and follow me to support my work! It's absolutely for free.

This is a follow-up to my last SHIB idea which ended on stoploss by fakeout in the end.

The setup has been revised. Price is still consolidating around the cyan channel upper edge now just in form of bigger symmetrical triangle (which is usually continuation pattern).

It seems to me that Shiba Inu could be ready to break up this triangle📐 and IF successful I think there is chance for run to 0.00001386. I'm setting the BUY STOP-LIMIT order to recent range high anticipating the triangle breakout. If you would like to see SHIB pumping, just smash the 🚀 button! 😀

ENTRY: local high @ 0.00001233
STOPLOSS (SL): local low @ 0.00001112
TARGET (TP): height of the triangle projected from midpoint of the local range (BUY STOP-LIMIT - SL) @ 0.00001386
REWARD RISK RATIO (RRR): 1.25
INVALIDATION: when SL level hit

Please boost🚀, comment🗣️, follow me✒️, enjoy📺!

⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.

Trade active

Order filled ✔️

Trade closed: target reached

She did that again! 🦴

Note

After reaching the target and then some, price dropped down to the Triangle upper edge to backtest it. There is also midpoint of the local range @ 1173, both creating support cluster. SHIB bounced up and I think it's going up to the target @ 1386 once again.

Note

Yep ... just reached the target again as expected:

Note

And after reaching the target SHIB been hammered ... almost -10%. No indicators, pure price action.

Note

Target acting as resistance once again. I think that next visit would result in breakout to the upside.

bizmark

Also on:

Related publications

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.