Theta Trade setup
Updated
Weekly: long term analysis
THETA was one of the best performers during the last bull run.
After a 95% deep correction during the bear market, THETA has built a very clear and horizontal support at the 0,56$ zone.
Daily: short term analysis
After a first strong upward movement (from S1) in the beginning of 2023, FTM has been building a double bottom with a confirmed bounce on the support line alongside a volume increase. The second shoulder is being completed right now.
Strategy
Buy signal on a daily close break of the resistance line at 1,30$.
Invalidation
Mental Stop: just below the second shoulder. This setup proposes a nice Risk Reward ratio of 4.
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
THETA was one of the best performers during the last bull run.
After a 95% deep correction during the bear market, THETA has built a very clear and horizontal support at the 0,56$ zone.
Daily: short term analysis
After a first strong upward movement (from S1) in the beginning of 2023, FTM has been building a double bottom with a confirmed bounce on the support line alongside a volume increase. The second shoulder is being completed right now.
Strategy
Buy signal on a daily close break of the resistance line at 1,30$.
- Objective 1: Resistance near the inverted Head&Shoulder swing move target at 2,64$
- Objective 2: next resistance line at Double Bottom target (swing move) to 4,34$
- Objective 3: ATH at 15$
Invalidation
Mental Stop: just below the second shoulder. This setup proposes a nice Risk Reward ratio of 4.
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
Note
The buy signal was given on the 24th of Feb with a daily close at 1,32$.To be continued....
Note
Objective 1 has been reached tonight! ✅Time to take some profits at this level, congrats you just made 175% on this first portion of the trade 🚀
Remaining portion are still targeting the next objectives.
Notes: Lets also keep an eye on the little brother token TFUEL which is following a very similar behavior
Trade closed: stop reached
Our stop following the trend was executed at 2.60$ on the 19th March.
We are out of this trade with a nice +150% profit 🚀
Let's move on and focus on our next opportunities.
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