Strong Bullish Chart Structure: TRON TRXUSD: Sets up
https://www.tradingview.com/x/jKDVz9Lr/
This is a Cryptocurrency that always reminds me of DOGEUSD because they share a similar price at around 0.16 cents, the difference is that this one TRXUSD is positioned very strongly in terms of its price.
The setup here is the 4HR chart. You will see about 6 times that price action has drawn together with the 200EMA just before price rally's in Long positions.
You will see in the 4hR CHART how Tron is meeting with the 200EMA very soon, once again, I doubt it quite makes the joining with 200EMA because its price is going to take off very soon, northwards/longwards.
The thicker WHITE-LINE in chart is the 200EMA
https://www.tradingview.com/x/jKDVz9Lr/
This is a Cryptocurrency that always reminds me of DOGEUSD because they share a similar price at around 0.16 cents, the difference is that this one TRXUSD is positioned very strongly in terms of its price.
The setup here is the 4HR chart. You will see about 6 times that price action has drawn together with the 200EMA just before price rally's in Long positions.
You will see in the 4hR CHART how Tron is meeting with the 200EMA very soon, once again, I doubt it quite makes the joining with 200EMA because its price is going to take off very soon, northwards/longwards.
The thicker WHITE-LINE in chart is the 200EMA
https://www.tradingview.com/x/jKDVz9Lr/
Trade active
Buy TRON at current levels 0.1590 to 0.1630
Stop Loss: 0.1577
TP: Taking this much higher longer term.
Trade active
No FOMO & No Rush with this trade.
It's still moving into position and its possible price may dip a bit lower.
If price gets near the SL, I will remove the SL as Im confident this is not a falling knife. Once price starts to ascend out of this zone, a stop loss can be re-applyed.
It's the flexible method that works for me, you gotta trade smart, getting taken out of too many positions by stop losses does not reinforce much mental encouragement for me, in fact it is shocking on your psychological health. I get far more benefit all-round by removing myself from a trade manually, ie. selling a position as part of a soft-mental-stop and not taken out by the market ganging up on your trade.
Trade active
Tron price is in the FIB golden zone between 38.2 and 50 percent.
There is a green support zone I drew in just below where price may reverse from.
Take another look at my original 4hr chart, you will see price always reverses on Tron upon meeting the 200EMA and other confluence moving averages. You will see an 'X'.
The spread is not the best with my broker, at least not with this one, check. the difference between the ask and bid price, if itss a big range then you have a bad spread as well. But too much upside for this Crypto without worrying about spending a bit more at the start.
Trade active
Buy @ break above 0.3310 bid-price or break above 0.3350 Ask price. Stop Loss 0.3277 or possible lower 0.3255. Your risk tolerance is where Stop should go.Note
I intend to create a new thread on Tron very soon.
Guys, its been moving down a Weekly Double-top.
Added to this 'trapped' bearishness is a Triangle it's been moving down in its price on a lower timeframe, 30m from memory. BUT, its about to move on from this Triangle.
So it is turning bullish right now. It is going to explode upwards.
Note
Watch out for my new trade on TRON very soon, at the weekend I will write.
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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.
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.