crypto-dan18
Long

Retracement before impulsion

NASDAQ:GALT   GALECTIN THERAPEUTICS INC.
Time Unit: Daily
Trend: price is retracing back after recent highs, the price movement looks to be into a divergent channel trending high.
Strategy: wait the price action back to the below channel line (potential support for action) and buy at that level (in the 5,0 - 5,15 range);
Target: the price should climb back and reach out the upper channel line with a target at 8-9 $
Let's see how that works out..
Transaction en cours: Entered at 5,15 and surfing the wave!
First resistance (and target) is 6,90$; at this level a particular attention to the trading volumes to anticipate the break out (growing volumes) or the fall back (diminishing volumes);
if the resistance is broken then min target is 8$, while 9$ will be the optimum (next resistance level).
Let's see how that works out..
Transaction en cours: 6,90$ resistance breakout with increasing volumes. that's a good news!
My new target is now 8$, but we should preserve the gains in case of a fall back... because the variations are pretty high, I'll set a "mental" stop quite low, around 6.50$ and keep on monitoring. I'm not setting a "real" stop (with an order) to avoid its triggering in case of some flash crack in the following hours... I'll take further decisions end of today.
I keep on riding. Let's see..
Trade fermée: ordre d’arrêt atteint: well, it turned out the wrong direction... the diagonal line has been broken with volumes and the mental stop is well behind; surf is over and took a small profit.
Now what? price action seems to go back to toward the support at 5,20-5,30, which is the previous low and the MA30 days;
Strategy: no action for the moment until we get there..
Commentaire: Here we are, we got closed to the 5,30.... is it going to bounce back? I believe so...
but still, I would need some further signal.. so I keep watching for now.
No action.
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