Trade active - with no stop loss
Updated
I am buying my long term position on STEEM now. There is no confirmation for the bulls yet, however, momentum has been rising near the lower band of RSI and daily RSI has just broke the resistance @ 40. If you are low risk, wait for price to close above $0.20.
There is weekly support structure around $0.14 - $0.15, together with bullish divergence on both weekly and daily, makes this an attractive opportunity.
On the 4hr timeframe, double bottom has emerged.
Remember this is a long term trade (6 months - 2 years+). I am not setting my stop loss for this trade as literally my stop loss is set at $0. Think about this, if my stop loss is $0 and my target is $1.20+, it will give me roughly 7:1 rr ratio.
My first target is around $0.30 (move SL to break even)
Second target is around $1.20 (take 50% of the table)
Max target is around $3 - 3.40 (take another 40% of the table)
This is not a financial advice. Due to the high risk of this trade, If you can't accept your account loss 50% in one day, please don't follow me on this trade.
Don't forget to bookmark this idea to receive updates on this idea.
There is weekly support structure around $0.14 - $0.15, together with bullish divergence on both weekly and daily, makes this an attractive opportunity.
On the 4hr timeframe, double bottom has emerged.
Remember this is a long term trade (6 months - 2 years+). I am not setting my stop loss for this trade as literally my stop loss is set at $0. Think about this, if my stop loss is $0 and my target is $1.20+, it will give me roughly 7:1 rr ratio.
My first target is around $0.30 (move SL to break even)
Second target is around $1.20 (take 50% of the table)
Max target is around $3 - 3.40 (take another 40% of the table)
This is not a financial advice. Due to the high risk of this trade, If you can't accept your account loss 50% in one day, please don't follow me on this trade.
Don't forget to bookmark this idea to receive updates on this idea.
Trade closed: target reached
First target of $0.30 hit. Due to the recent acquisition of Steem by Justin & Tron (not sure if it's a good thing for Steem), it is not a bad idea to close some of the positions to reduce some risk.
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