$TRX #Tron is looking shaky today - Day Trader Explains
Hello Lads and Ladies,
Welcome back to TJ's TA Session.
We are taking a look at the TRXH19 pair on BitMEx today.
We are looking at the 4 hourly timeframe and taking a look at the candle chart first.
Looking at this one we can see two clear supportive uptrends.
The first one is at the closes of TRX, the second one is at the wicks of it.
These two trends give us an easy estimate about how we might be able to see future wicks or moves.
Nevertheless, here is the most important point about it all.
We are going upwards, without any volume and approaching the red upper band.
This is very simply increasing the chances of an upcoming retrace from around that price level.
One confirmation for this is that the upper band aligns perfectly with a significant resistance.
Here we are now simply filtering the noice out with our line chart, looking only at closes and confirming our idea of an increase without back up.
Then, we set up the entry targets used in the double staggering technique (marked in red).
The stop loss as it follows based on a sharp down on the bands.
Afterwards we identify our targets based on previous structure.
Finally, we set up the short measuring tool, which shows us the risk reward ratio.
The risk reward ratio is above 3, so we are executing the trade as planned.
This trade has been published before in my private learning group "ETG".
We are going over many observations and possible trades very frequently.
It is meant for only those who are really interested in becoming a self sufficient trader and learning about all the secrets of trading.
Should you be interested in the ETG or the indicators I use, join my discord channel and say hi in chat, then I will give you a free trial for which you might be interested.
Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins.
Cheers TJ
Welcome back to TJ's TA Session.
We are taking a look at the TRXH19 pair on BitMEx today.
We are looking at the 4 hourly timeframe and taking a look at the candle chart first.
Looking at this one we can see two clear supportive uptrends.
The first one is at the closes of TRX, the second one is at the wicks of it.
These two trends give us an easy estimate about how we might be able to see future wicks or moves.
Nevertheless, here is the most important point about it all.
We are going upwards, without any volume and approaching the red upper band.
This is very simply increasing the chances of an upcoming retrace from around that price level.
One confirmation for this is that the upper band aligns perfectly with a significant resistance.
Here we are now simply filtering the noice out with our line chart, looking only at closes and confirming our idea of an increase without back up.
Then, we set up the entry targets used in the double staggering technique (marked in red).
The stop loss as it follows based on a sharp down on the bands.
Afterwards we identify our targets based on previous structure.
Finally, we set up the short measuring tool, which shows us the risk reward ratio.
The risk reward ratio is above 3, so we are executing the trade as planned.
This trade has been published before in my private learning group "ETG".
We are going over many observations and possible trades very frequently.
It is meant for only those who are really interested in becoming a self sufficient trader and learning about all the secrets of trading.
Should you be interested in the ETG or the indicators I use, join my discord channel and say hi in chat, then I will give you a free trial for which you might be interested.
Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins.
Cheers TJ
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