ADA, broken thru support, on to plan B

23 thg 5, 2018

Now that ADA has had a break to the downside of support and corrective structure at (3), it is starting to look like we are in a large trading range (1). The box at (2) is a false break of that level but may also be the bottom end of the range--it is a little unclear where buyers will come in. The trend isn't super consistent across time frames so I plan on being nimble with bullish trades and keeping holding times short.

So now that I am viewing this a potential trading range, whats the strategy? Get long near the bottom of the range (0.13-0.18), get short (if your exchange allows you to do so) at the top of the range, and stay neutral in the middle.

Also, keep in mind that while the long-term trend for the crypto-market in general is still bullish, there is still a good chance that this range will break to the downside eventually--so keep an eye out for signs of weakness--weak bounces, lower highs, reactions with shallow angles.

Also, a break below the lows at (2) would definitely switch my bias to bearish.

*I am mostly just thinking out loud in these posts--I wouldn't consider this a suggestion on how to trade

29 thg 5, 2018

Ghi chú

I've move my entry points lower for ADA--I have several limit orders spread from 0.129-0.145

30 thg 5, 2018

Ghi chú

So ADA hit my original target and bounced as anticipated but I'm betting that it will fail to get above resistance before coming down again