Time to update XLM
one last time for this move. We are looking at the 1 hour chart. This market did produce a decent move up. I added a set of fib numbers as you can see on the far right of the chart. These fib numbers show the retracement levels of the high at the top of the trading range that brought price to the support level
where price bounced from. For those who caught the breakout and entered the market above the trendline
, good job! For those who were late to the party, there was also an entry in the ascending triangle
where you could have entered when price made contact with the 20 bar moving average and the ascending portion of the triangle started to form. A stop would have been placed just below the red dash on the chart. The red dash is the 50 bar moving average on the 4 hour chart. That area is also in line with where the ascending trendline
would start for the ascending portion of the triangle. Just look for the blue arrow on the chart. When looking at the fib numbers I just added , you can see price blasted through the 38% retracement level and is currently trying to stay there. I would like to draw your attention to the ominous orange dash on the chart. That is the 120 bar moving average on the 4 hour chart. Look at what it did to the price action when it was hit! Profits can be taken at either of the 50% retracement
levels on the chart or now. You can pick. Make sure stops are in a place where you have a free trade or some profit in case the targets are missed. This chart is for education purposes only. It is not intended for trading recommendations. Good trading to all traders out there!!!