Long

XTZUSD BUY SETUP - Change of Polarity

By zerocashcool

Updated

Thank you Moe_mentum!

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🏆 Absolutely fantastic Moe. 🏆

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I just bought XTZ right now.

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Hammer close in PB&J would be perfect.

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Potential profit targets.

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Steve Nison candlestick analysis trading: XTZUSD; 1H
- Change of Polarity appears to be establishing support at previous resistance.
- Candle closed as Bullish Engulfing Pattern with PB&J (Pullback into Sweet Spot) SMA 10 / EMA 30.
- Support line at bottom of pattern.
- Stop loss below Polarity range @ $3.7780
- Ultimate target $4.60
- I will update SL price each 1H candle close.
- Entry now.

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Trail SL to 3.8204

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I moved my SL below the Polarity range @ $3.7780, accounting for 4H price action.

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Polarity is changing.

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I've personally removed my SL. I'll be monitoring this constantly.

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SL back on.

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Trail SL: 3.8118

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Going to sleep. Removed SL so suckers don't stop me out. Set high and low alerts to manually manage trade. Stay in long for the COP target.

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I'm looking for this candle to close within the polarity zone and this or the next one to be a bullish reversal pattern. If the next candle's low is higher that this current one, it will be a pivot low and another potential cause to take a cautious long. If these criteria are not met I will likely close this trade.

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XTZUSD
I deleted my SL order before sleeping because I didn't want to get uselessly taken out by a shadow. If Hourly price closes as is, the candle would be a Spinning Top at 61.80% retracement. On the Daily chart this is the first pull up into the PB&J Sweet Spot (for shorting) after a Dead Cross. Western Technical indicators on the Daily chart suggest a bullish potential, but price under Pivots P shows it in the critical region to fall to S1. This is therefore a dangerous position from a Daily perspective and I would consider the current a following Hourly candles to determine if this will in fact succeed in overcoming P or if S1 is a certain next target.

On the other hand, looking at the Daily from a 'Trading The 9' strategy perspective, this could be a bullish zone. DeMark 4/9 suggests that price will seek new highs within the coming 6 days.

Trade closed manually

zerocashcool

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