AION: Symmetrical Triangle Play

3 Jun 2018

On the daily, AION is looking to shoot up with its MACD Cross and Bullishly Diverging RSI. This is a good long-term play.

If you zoom in on the 4-hour chart, the indicators look neutral, but an Ascending Triangle has been identified.
These are considered continuation patterns for uptrends, but have a higher probability of being reversal patterns in a downtrend.

If we take the height of the triangle on the 4-hour chart, we can enter (assuming the breakout support holds) for a nice 9% return at 3015 satoshis. I would set a stop just below the current support for a 2% potential loss. this gives us a 3.5+ R:R.

This isn't financial advice, just my opinion :)
Feedback is welcome and always appreciated!

3 Jun 2018

Nota

This is the first time the outlined support has been held since AION attempted to break it on May 29th. Candle strength is dwindling but this trade looks promising so far. If I see sell indications, I might just take the 1% I made and close. This stance could change depending on higher-timeframe charts (AION seems like a good medium-term buy on the daily).

3 Jun 2018

Nota

Great play in my book. Always be weary of fakeouts on a pattern break. My strategy was to wait for a confirmed support before going in, and it's been behaving nicely so far.

3 Jun 2018

Nota

I would consider selling upon breaking the slant support. I'm hoping we still have some more momentum though.

3 Jun 2018

Dagangan ditutup: sasaran tercapai

We've hit my laddered sells for this day trade for a quick (approx) 8% ROI! Pretty happy with this one, my first close on TV.

I'm also in for the longer term on this coin but that's a different setup. The portion that I sold was just me practicing some discipline in day trading. Taking profit is always difficult for me :)