Stop loss below support of RSI and/or below uptrendline. Waiting for wave 5 to finish or to end below target. Sell zone spread from 5800-6000. Entry was around 5000 sats. Should've seen this chart earlier, then i would've seen the RSI resistance breakout where i would've entered right at the start of all 5 waves.
I believe my mistake is that wave 3 is never the shortest and probably longer than wave 5, which could mean wave 5's high is at the .786 fib level (which already has been reached.
Two ideal possibilities:
1. major correction after wave 5 is not that big and XLM starts a new set of waves which reach sell zone
2. current wave 5 gets one last push towards sell zone before correction
Two stop 'loss' (with small profit) possibilities:
1. RSI falls clearly below support --> sell
2. upward trendline (green) breaks clearly --> sell
I believe my mistake is that wave 3 is never the shortest and probably longer than wave 5, which could mean wave 5's high is at the .786 fib level (which already has been reached.
Two ideal possibilities:
1. major correction after wave 5 is not that big and XLM starts a new set of waves which reach sell zone
2. current wave 5 gets one last push towards sell zone before correction
Two stop 'loss' (with small profit) possibilities:
1. RSI falls clearly below support --> sell
2. upward trendline (green) breaks clearly --> sell
