GLMR trade setup
Weekly: long term analysis
After more than 95% deep correction during the bear market,
GLMRUSDT is building a reversal Head&Shoulder on a weekly time frame. Volumes are increasing since the All Time Low corresponding to the Head of the pattern and is following perfectly the H&S psychological structure.
Short term analysis
The inverted H&S pattern is attempting a breakout upward. If this breakout is confirmed, prices can start a strong upward move based on previous price action of GLMR. The latest higher low contracted the price’s volatility and offer us a good risk/reward setup.
Strategy
Buy signal will be given from a daily weekly close above the resistance line (neckline of the inverted H&S) around the 0.56$ mark.
Invalidation
Mental Stop: just below the recent daily swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the daily closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
After more than 95% deep correction during the bear market,
GLMRUSDT is building a reversal Head&Shoulder on a weekly time frame. Volumes are increasing since the All Time Low corresponding to the Head of the pattern and is following perfectly the H&S psychological structure. Short term analysis
The inverted H&S pattern is attempting a breakout upward. If this breakout is confirmed, prices can start a strong upward move based on previous price action of GLMR. The latest higher low contracted the price’s volatility and offer us a good risk/reward setup.
Strategy
Buy signal will be given from a daily weekly close above the resistance line (neckline of the inverted H&S) around the 0.56$ mark.
- Objective 1: Next resistance line (with Risk/Reward =3) at 0.8$ ( +45%)
- Objective 2: Next resistance around corresponding to the H&S swing move target at the 2$ zone (+260%)
- Objective 3: Next resistance line at 5.7$ ( +900%)
Invalidation
Mental Stop: just below the recent daily swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the daily closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
Dagangan ditutup: hentian tercapai
Our mental stop was quickly touch then real stop was executed at 0.44$ on the 2nd of April.
We are out of this trade with a controlled loss of 20%.
Let's move on and focus on our next opportunities.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.