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ICP

Falling wedge patternAs I always harp on about, you should have a very distinct idea of where your stop loss will be placed when you trade any position, and wedges are no exception. One of the most common areas to place your stop loss when trading wedge patterns is just above or below the retracement immediately prior to the breakout. This is the point at which the market has proven your setup invalid. The below image illustrates a common area where traders tend to place their stops.
Long
by Crypt0_Ninja
1
ICP bullish setup and high risk/reward ratioICP broke out of a long-term RSI trend on 1D followed by a bullish rsi divergence. Today as bitcoin hit a new intraday high followed by the 15% gains from yesterday (due to the Ukraine/Russia crypto inflows), ICP is painting a bullish picture. In fact ICP has been scraping the floor of heavily oversold RSI areas since January. There is a bullish breakout in the candle chart as well on the 1D timeframe and it is possible the following bullish scenario and targets play out: T1: 24 T2: 26 T3: 32 It is recommended to have a short stoploss here, since the geopolitical factors could artificially influence the crypto rally, even as correlation to equities is diminished due to its newfound safe haven and inflation hedge status during the war conflict. Stoploss at $17.35 is a decent risk/reward ration considering the targets.
Long
by dimidob
3
ICP shortTotal Market: - Falling back during consolidation, expecting another retest of support Daily: - Broke below daily support 4H: - broke below support, retested and turned resistance, got rejected @ 20 EMA & formed a bearish engulfing candle close. Current 4H candle currently rejecting higher with wick 1H: - Had Bearish engulfing breaking out of short term uptrend line Trade Management: - Plan on adding to position upon breakout of low / 1.0 fib extension level Stop loss: 18.81 - Inside of strong previous support, above local high Take profit: 13.44 - 1.618 fib extension level (all time low so dont have price to the left to use as a potential target point)
Short
by CMSTrading
ICP - The Breakout. ICP is within a descending correction and we're in the E wave now. Sometimes the E wave can fall short so we should be prepared if we breakout early. Risk entry would be a break of the descending trendline. Ideally we'd want ICP to make another low but we should be prepared for both scenarios. Trade Idea: - simply wait for the breakout and enter with stops below the lows - If we drop lower once more, watch for lower timeframe trend reversal patterns e.g. bullish engulfing candles on 4H. Enter then with stops below the lows - Targets: 37, 57, actively manage the rest Goodluck!
by Altsignals
4