Might be a good one to have a SMALL punt on. 1:18 Risk:Reward
There is not much volume so be aware that there could be slippage on your stops. The drawdown entering at 165 sat is 20% (not including slippage) so be safe.
However the upside potential is 370- 460% So for a $1000 position ~$200 Risk: $3.7k - $4.6k Reward.
Someone wanted me to have another look at this chart and the gambler in me says that's great odds, you only have to win 1 of these out of 18 tries to break even, and any more than that is pure cream! While this is tempting I won't be taking this trade. I feel like, for me, this is leaning more towards being gambling than trading. This is mainly because the setup is based purely on divergence and I am not familiar with the odds. Divergence on its own is not where my edge is. I like to have confluence with a fib level, price braking, testing and holding S&R or EMAS or an elliott wave count. So this play currently goes against my trading plan and in the long run may reduce my odds of success. Capital preservation is comes first!
LONG ENTRY: 140- 165 sat
1st TARGET: 777 sat
2nd TARGET: 929 sat
STOPS: below previous low
Never Trust. Verify.
DYOR. Not Financial Advice Just an Observation.
Always remember: Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
There is not much volume so be aware that there could be slippage on your stops. The drawdown entering at 165 sat is 20% (not including slippage) so be safe.
However the upside potential is 370- 460% So for a $1000 position ~$200 Risk: $3.7k - $4.6k Reward.
Someone wanted me to have another look at this chart and the gambler in me says that's great odds, you only have to win 1 of these out of 18 tries to break even, and any more than that is pure cream! While this is tempting I won't be taking this trade. I feel like, for me, this is leaning more towards being gambling than trading. This is mainly because the setup is based purely on divergence and I am not familiar with the odds. Divergence on its own is not where my edge is. I like to have confluence with a fib level, price braking, testing and holding S&R or EMAS or an elliott wave count. So this play currently goes against my trading plan and in the long run may reduce my odds of success. Capital preservation is comes first!
LONG ENTRY: 140- 165 sat
1st TARGET: 777 sat
2nd TARGET: 929 sat
STOPS: below previous low
Never Trust. Verify.
DYOR. Not Financial Advice Just an Observation.
Always remember: Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.