OMGUSD trade ideas
The safest strategy to trading altcoinsWhen it comes to altcoins, whales tend to own an overwhelming majority of the coins on the market. In these market situations if large holders stop selling their holdings, the supply can quickly dry up causing price to skyrocket.
We all know this phenomenon, its a pump and dump. But with "pump and dumps" there are key price movements that a vigilant trader can notice by eye. And if you can identify a pump before it happens you can hop on the rocket.
Above is a play I made on OmiseGo earlier this year. I have described the strategy below.
Part A
An accumulation zone. These occur at the bottom of price ranges, in these areas there is relatively low volatility. It may seem like a good idea to buy these areas but accumulation zones are not easy to spot without further technical assistance. Trying to "catch" an accumulation zone is a high risk play and not recommended.
Part B
The breakout. In this zone price rises higher than the accumulation area to test market conditions. In part B the price is very volatile. This means that current holders are still exiting position. Given that the general trend of crypto was bearish during this time this asset would be ignored and left to test lower.
Part C
Another accumulation zone. It is important to note that this zone is lower than Part A. This means that the BUYERS in Part A are either a. Out of their position, or b. holding at a loss. (for b. they are either long term holders or stupid) The price range in this zone become extremely flat and calm. From this we know that a fresh wave of whale accumulation is occurring and that a breakout may potentially be coming. Again I do not recommend trying to predict accumulation zones as they can punish stop losses or fail to hold completely.
Part D
The breakout. Everyone that now holds the asset is content on waiting for higher price and the sell orders dry up. The price surges and is quickly eaten by short term traders and some amount of profit taking. This is a good sign but is still not ideal for retail traders to meddle with.
Part E
The defense. In order for whales to sell large portions of their holdings to "the fools" the accumulation zone that they have bought at has to be defended. All new buyers have to purchase coins at higher price so that the whale positions cannot be undercut. For this reason whales will create a defensive zone where short term traders can exit to the "first in line." (The first in line is what we want to be) You can see this defensive price action in part E as the sharp upward price spikes where whales and day traders are accumulating fuel for the rocket. The first in line are traders are willing to buy at the higher zone as it provides a safe way to make money in the pump that is visibly about to occur. If you find an asset with parts C, D and E your are at your most safest point buying at point E. You have the power of whales behind you and empty order books above you.
Bonus
As an extra, we can see in OmiseGo that the price range in Part E was again "defended" showing that the original whales still hold the asset are still invested in protecting the integrity of the asset. This area would have been a fantastic place to re-enter... if only I have had looked at the chart in recent weeks.
$OMG OMISEGO NETWORK TO REACH $100 THIS YEARHello.
Not going to explain in detail why this idea is relative and has high probability of success.
We are in WXYXZ pattern and wave Z just started.
Make sure to take profits at the top, because this is what is coming after targets are met:
This is not a financial advice!
Why would you short OMG!? To make money even when the market falAll you ever see on social media is people panicking when your favorite coin begins to tank.. Why are serious traders ok when the markets fall? Because they go short.
Here we did a perfect short making money as the markets fall.. Of course none of us want to see the value of our crypto go down do we, but its enviable, so when it does we may as well keep making money.
Omg was breaking in a downward channel with clear top and bottom support and resistance lines. Once we fell into resistance that was our signal to sell short.
Once we fell through the EMA we improve position and sell more to go short.
Our exit targets are easy, previous price action history are the points we need to watch out for.
STOP LOSS... Anywhere back into the wedge where there was support. Minimum risk and high reward trade.
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Happy trading everyone
OMG to the MOON - Rocket Launched - ENTRY LEVELS - LONGOMG is out of the downtrend line, heading to a higher future. Just volumes are not so big right now, so we still have time to jump in. Just be aware if we go out of a pretty steep uptrend line, it should be broken.
TARGET IS $5.152
Here you have OMG entry levels:
$3.905
$3.523
$3.233
Taking profits on OMG by scaling outSo we nailed a perfect entry on the OMG trade, that is only half the battle. I see more people messing p their take profits tan they do their entries. Usually greed will want you to keep the position open and then it starts falling and falling and you panic sell leaving a lot of profits out there on the table. There are various strategies you can use and i will share with you my strategy here in OMG.
As Crypto is a 24 hour market, going to bed with trades open can be a nail biting experience which leaves you without sleep. That is another conversation all together.
This is how i am handling OMG.
I already know i want to play this swing to $5 and beyond, that doesn't mean i have to let str sit there while the price goes up and down, i can trade the entire swing.
So for this play, i entered at $3.25 and i had my targets set. Once it started to go i placed a stop on my entry to protect that price point.
As bed time approached i placed a take profit order on my first TP zone with 33% of my trade, i kept the balance as a stop on entry.
When i woke up i saw the 1st TP sells were executed and the trade kept moving. I then placed a second Take profit area on another 33% and the balance i move a stop loss up to lock in profit.
Once that 2nd target hit I'm still riding 33% of my original trade. With this i place a trailing stop with a margin of 7 cents.. Long enough to hopefully stay out of the way of a wick and close enough that it moves up as the price goes up. This will raise the stop loss until my orders hit leaving me 100% out of the trade.
What if it goes up you say and i think i got out too early? Well i don't chase, i wait for a consolidation and once that breaks my triangle i renter and do the same thing over and over until we reach the top...
Then we go short and make the money on the way back down as well.
I would love to hear your various exit strategies...
Pump 1 Pump 2 now Pump 3 starting?Lets see if history repeats.......See chart for details. RSI and Stoch RSI almost the same as in Pump 1 and Pump 2.
OMG/USD is going to $13 after retracementOMG/USD is going to $13 after retracement . 21 W EMA at ($3.1) should be your SL if you are in
update still not lateas i sais bestchance to buy dip if you buy ex 1000omg with 2.2 2200usdt used but after just some day with 3.5 had 3500 if doesnt want to hold to 4 next 8 final after 2month 20$ give him 19k profit always no need to go in btc and top ranks
Idea path Using a potential inverse head and shoulders along the existing upper and lower consolidation triangle S/R as well as a Fib Speed resistance fan from the ATH to the ATL which has provided hard resistance and support numerous times thus far.
Invalidates if it doesn't follow the inverse head and shoulder, if it does these would be the potential key levels
best opportunity without doubt buy i buy soon and in loss 20-30bucks but patient hope to crypt o market one day completely seperate from giants rich guys and work thechnically
Have You Seen The Potential Of OMG/USD?Welcome everyone,
My name is Schyler with NewWave Traders. NWT is a movement in Elliott wave and trading education, a movement in creating independent and profitable traders, and a movement in lifestyle. I've been a full time trader since 2017 in the crypto markets and I help traders create a full time income for themselves without working the full time hours by mastering a proven Elliott Wave trading system that will allow you to trade on your time and live the life you deserve. Hit the follow & like button if you'd like to make it a reality. I've helped hundreds of traders just like you make it a reality for themselves. Looking forward to helping you create your success story and life.
Let's Talk OMG/USD...
Both counts I'm following for OMG are corrective counts that have further downside. The difference between the 2 counts however is the short term move towards 5$ prior to dropping. So far the B wave to 5$ is shallow for a B wave and hasn't even hit the .618 so this is likely the count I'm biased towards as it is the most probable given these acknowledgements.
I'm targeting the 1:1 extension because it lines up nicely with the previous support level and is a highly probable extension to get hit, so there will def. be buy interest there, however from a Fibonacci standpoint we only need to hit the .618 ext in purple. Tagging the 2.46 low for a double bottom.
That leads me to my next point, I don't think the 1:1 will get tagged if the bulls defend the low of 2.46. If we break under the 2.46 with a 4hr close then It's highly likely we continue to the 1:1 ext.
In summary, Longs above 2.46 seem like the strongest options for trade setups, however I'd like to see the reaction at 2.46 first and then happy to step into the trade as the upside has a great R:r.
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Comment your thoughts below. Don't be shy!
OMGusd fakeout, back to 2,5$ and start try again OMGusd fakeout, back to 2,5$ and start try again or maybe it will go a lot more down . We will see. Buy low is under 2,6$
