BCH trade set up
Weekly time frame
After a 90% decline from its ATH,
BCHUSDT evolved in a range market for a full year before exploding upward in June with astonishing volumes. There was a very bullish news which amplified the movement.
Daily time frame
Since then, prices are digesting this big movement in a triangle consolidation which could soon be over. We can take advantage of this set up to expose ourselves to an interesting risk reward ratio.
Strategy
Buying on a break of the 260$ resistance line.
Invalidation
Mental Stop: below the last triangle bottom at 220$
If prices retrace to this level we will wait for the daily closing price then set a Stop loss ¼ or Risk below the daily close price.
Risk = Distance between Mental stop and entry point.
After a 90% decline from its ATH,
BCHUSDT evolved in a range market for a full year before exploding upward in June with astonishing volumes. There was a very bullish news which amplified the movement.Daily time frame
Since then, prices are digesting this big movement in a triangle consolidation which could soon be over. We can take advantage of this set up to expose ourselves to an interesting risk reward ratio.
Strategy
Buying on a break of the 260$ resistance line.
- Objective 1: Top of the previous movement at 300$ (+15%)
- Objective 2: Next resistance, just before the triangle target at 390$ (+50%)
- Objective 3: Weekly close ATH at 1430$ (+450%)
Invalidation
Mental Stop: below the last triangle bottom at 220$
If prices retrace to this level we will wait for the daily closing price then set a Stop loss ¼ or Risk below the daily close price.
Risk = Distance between Mental stop and entry point.
Note
Objective 1 has been reached today ✅!It is time to take some profits.
The remaining portion will target the next objectives.
TO BE CONTINUED....
Note
Tonight BCH smashed through our Objective 2 ✅Time to take some profit at this level, congrats!
The remaining portion will still target our next objective.
TO BE CONTINUED...
Trade fermée manuellement
Trade fermée: ordre d’arrêt atteint
protective Stop loss has been executed today on this high volatility day at 426$We are out of this trade with a perf of 64%.
Let's move on and prepare our next opportunities
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.