Double Dipping MATIC 🍨

4 oct. 2022

MATICUSD 1D SHORT


MATIC just hit both target 1 and 2 on a swing trade long posted here 🥳🤑
https://www.tradingview.com/chart/MATICUSD/mXJ8Inal-MATIC-with-the-W/


Now, it's time to look for an opportunity to ride the wave down. If the Markets are only pumping on rumors of the U.N. begging the world Reserve banks to pivot because the USD is crashing economies then this rally may not last. We caught a swing up but looking at the bigger picture, MATIC has made a 2 lower highs and consecutive lower lows.

Take the time to lay out this trade & if you can watch it or set alerts, this would increase the odds of best entry. However, you can always wait for rejection, sacrifice a few % and then enter. No problem with that.

Entry: 0.87 (downward trend line)
Better Entry: 0.895 (200MA)
Best Entry: 0.93 (Previous swing high)

Target 1: $0.74
Target 2: $0.67 and lower

Stop Loss: 2-4% based on your own risk tolerance. However, if you enter at the downtrend line MATIC could run up to the 200MA or previous high so be prepared to watch close, get stopped out or re-enter if you enter early. Personally I would not sacrifice an entry for the hope of a better entry unless I was able to watch the chart closely.

Consider moving stop loss to break even after the trade becomes in the money 3-5% to minimize risk.

If a wick stops you out simply wait to see if we confirm back below the trend line, 200MA or swing high before re-entering.

Never trade with out a stop loss, especially on a short.