Updated
Zilliqa (ZIL) - 1:5 Trade @coinselor
I am not a big fan of waiting for a correction (weakness) when entering a trade by applying a trend-following strategy. I wanna buy strength and sell weakness. Nevertheless, given the overall alt/btc market, it makes sense to wait for a retracement and take this 1 to 5 risk-reward ratio trade.
The reason why I wouldn't enter a position after the initial breakout high is that, as opposed to most other alts, ZIL didn't establish a well defined range before breaking out. The advantage of entering on a range breakout is that automatically that prior range high becomes a strong level of support that protects our stop/entry.
The reason why I wouldn't enter a position after the initial breakout high is that, as opposed to most other alts, ZIL didn't establish a well defined range before breaking out. The advantage of entering on a range breakout is that automatically that prior range high becomes a strong level of support that protects our stop/entry.
Note
Consolidating above support. Weekly close above support. Still a great looking trade setup.Note
Note
In consonance with a host of other alt coins, ZIL has been holding above the most recently flipped S/R level at around the 0.0000006300 area. It really is a critical level that the altcoin market needs to hold.
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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.