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Breakouttrade

Einsteinium / Bitcoin - Breakout of 'head and shoulders' patternEntry: If the price breaks above the last high (shown by comment A) we can think about buying. I already have a buy-stop in place for this. The initial stop will be under the current range (shown by comment B). Exit: We're going to manage the trade by moving a stop up under the lows on the daily timeframe. If the price makes any substantial move in one day we can break down to a smaller timeframe to make sure we capture some profit before it collapses (something common in these cryptos) What analysis i'm doing: If we break above the last high the price will be forming a reverse head and shoulders pattern. More important for me is the general shape the price is forming (shown by the blue curved line). Although a bit messy the price is stopping moving further down slowly giving time to properly reset before moving upwards again. It's good to see the price moving sideways like this above the last lows. The market is accepting the the current higher price as a new base. We already have two good wicks on the last lows and a high low (shown by comment C) The moving averages arecrossing and the price is holding, more or less, above the faster one. We can get some really good risk to reward on these cryptos so attempting an early buy like this can pay off. i'll consider this setup invalid if the price breaks below the range, and will then have to re-asses. Good luck everyone! Mark
ELong
by MarkLudgate
Pascal/Bitcoin triangle breakout - PASC/BTCI'm going to prepare for a breakout of this triangle pattern if the price goes above the last high. Hopefully the price will consolidate more and we can cancel this trade and get one with a tighter stop and therefore a better risk to reward. EDIT: We just broke above as i was writing this, so we're in the trade now. Let's set the stoploss and see what happens What I'm looking for on this set up: - The overall trend is upwards and is moving between consistent higher lows and triangle patterns. for me this is the most easily predictable form of price movement and is why i like cryptos so much for trading. - The triangles are great as after this kind of consolidation the price will usually pop in the direction of the break and you can get a really goo risk to reward. If we get a similar move to the last triangle we could be looking at 10:1 risk/reward or more. - When these new coins get added to Poloniex there is often a hype about them creating massive volume and liquidity, as well as an overall buy panic. With this you get these really nice patterns and minimal erratic price movements. Pretty good because you can safely use a smaller stop (better R/R) without worrying that the price will suddenly drop and take out your stop. Gonna move up a stop up under the 30 min or 1 hour swing lows and if we get a sudden large move upwards, i'll probably break down to a lower timeframe and move a stop under the lows there instead. Hope this goes well for anyone involved...good luck! Mark
PLong
by MarkLudgate
USDJPY 60min Preparing for a BreakoutUSDJPY on the 60min in consolidating in the shape of a Descending Triangle. These patterns tend to cause large breakout moves in the markets. I'll be watching this pattern and will be waiting for a Break & Close out of the pattern to give me direction. As of right now I have no idea which direction it will break, so I will not involve myself until I get my signal. Also we are at a Major Support Level in the market. I love finding these patterns at higher time frame structure levels.
by PateSkpate
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