In my previous idea, I showed three possible scenarios for TRXUSD in the upcoming period.
When counting waves, I see both a bullish and bearish scenario.
Bullish scenario - Running Flat
TRXUSD might very well end its present correction as a running flat, after which it'll move into wave 3. If so, then this would be a good moment to go long as it's possible that the termination of this correction will go higher than TRXUSD is at now. In this scenario, we'll see an ABCDE-correction develop I think, similar to this:
In this scenario, I'll take a long position after the triangle being broken upwards (similar as the triangle-scenario in my previous post), but this time with different parameters, assuming somewhere between 78,6% and 100% extension of the previous wave:
Long position around $0,075
Stop-loss at $0,055 (well below termination of wave A)
Price target at $0,130 - $0,135
R:R: 3,0
Bearish scenario
The second scenario isn't long-term bearish, but does assume that the present correction is not done yet and we'll end up with a zig-zag instead. In doing so, it is definitely bearish on the short-term, and does not encourage taking a long position at this point (contrary to scenario 1 above). This would look like this:
Going one degree lower, it would look like this:
This would actually support a short-position at this point, with the following parameters:
Short-position around $0,07
Stop-loss at $0,085 (above X)
Price target: $0,05 - $0,045 (matching 100% extension of wave W and 78,6% retracement of previous wave up, with a adjustment upwards to increase possibility of hitting target)
R:R: 1,69
Conclusion
For now, I'll conclude that TRXUSD is not seducing me to take either a long or short position, considering the possible scenarios. All possible scenarios, however, stand or fall with breaking the triangle we are obviously in at the time.
So despite the PR and launch of mainnet coming on, I'll keep my funds away from TRXUSD until it shows a clear close above or below the present triangle on the 1D-chart, after which I'll choose on my scenarios to chase profit.
The standard disclaimer: This is not trading advice, these are my personal reflections and thoughts. If you use these ideas to trade, that is your own responsibility.
When counting waves, I see both a bullish and bearish scenario.
Bullish scenario - Running Flat
TRXUSD might very well end its present correction as a running flat, after which it'll move into wave 3. If so, then this would be a good moment to go long as it's possible that the termination of this correction will go higher than TRXUSD is at now. In this scenario, we'll see an ABCDE-correction develop I think, similar to this:
In this scenario, I'll take a long position after the triangle being broken upwards (similar as the triangle-scenario in my previous post), but this time with different parameters, assuming somewhere between 78,6% and 100% extension of the previous wave:
Long position around $0,075
Stop-loss at $0,055 (well below termination of wave A)
Price target at $0,130 - $0,135
R:R: 3,0
Bearish scenario
The second scenario isn't long-term bearish, but does assume that the present correction is not done yet and we'll end up with a zig-zag instead. In doing so, it is definitely bearish on the short-term, and does not encourage taking a long position at this point (contrary to scenario 1 above). This would look like this:
Going one degree lower, it would look like this:
This would actually support a short-position at this point, with the following parameters:
Short-position around $0,07
Stop-loss at $0,085 (above X)
Price target: $0,05 - $0,045 (matching 100% extension of wave W and 78,6% retracement of previous wave up, with a adjustment upwards to increase possibility of hitting target)
R:R: 1,69
Conclusion
For now, I'll conclude that TRXUSD is not seducing me to take either a long or short position, considering the possible scenarios. All possible scenarios, however, stand or fall with breaking the triangle we are obviously in at the time.
So despite the PR and launch of mainnet coming on, I'll keep my funds away from TRXUSD until it shows a clear close above or below the present triangle on the 1D-chart, after which I'll choose on my scenarios to chase profit.
The standard disclaimer: This is not trading advice, these are my personal reflections and thoughts. If you use these ideas to trade, that is your own responsibility.
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.
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.