Buy up to: $37.5 Stop Loss: $34.5 TP1: $45 ( 19.5% Profit ) TP2: $57.5 ( 42.5% Profit )
Komen
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28 / 11 - 2017 Greetings everybody.
NEO peaked my interest back at $4 while it was still called ANS. I have followed, and traded the coin extensively ever since it peaked at $57 the 13 Aug. Usually I do not share my trades with anybody. But I thought for once to show my trade from beginning to end, in order to get internet karma.
First I need to say that I am not a financial advisor, and under no circumstances should you trade purely off my shitty analysis.
We'll start off by looking at what the technical indicators are showing us. In order to understand market movement.
Technicals: MACD - crossed into a bearish trend. Next to no volume. ( slightly bearish ) RSI - hovering around 50. ( neutral ) Stoch - approaching the bottom of it's stochastic cycle. ( bullish) Fib - bounced up and down in the 78.6% -> 61.8%. Expecting 61.8% to be strong support Trendline - Bounced up and down the wedge since the 17th, and is now reaching an end to the wedge. Support will happen according to the Elliott Wave #4 around $36.5
Personal sentiment: Having hit #3, price now moving down towards #4. We'll hit this support based on the slightly bearish MACD, which holds more value than the Stoch as of now. But there's not enough bearish volume for it to fall though the #4 & 61.8% fib supports imo. Which is why the buy-up price is resting on these levels. Since there's next to no bearish volume, SL has been put below the 61.8% fib support. TP1 has been set at the 78.6% fib resistance, for this to happen the wedge will be broken by the Elliott Impulse wave. #4 -> #5. TP2 has been set at the 100% fib resistance, for this to happen 78.6% fib resistance will be broken, by the ascending channel of the wedge. ( Less likely )
Now how much should you trade? I can't speak for everybody. But my current portfolio looks the following. 60% Long-term. 20% Short/Mid-term. 20% Trading Cap.
I wish to use ~30% of my trading capital on this. ( so effectively 6% of my portfolio value ) Out of these 6%: 70% will be taken @ TP1 30% will be taken @ TP2 If TP1 is hit. SL moves to ~$40
Don't forget to thumbs up if you agree, and leave mean unstructured hate-posts in the comments below! Thank you very much.
The Stop Loss was triggered due to a correction in BTC's value, is your Trade Analysis now moot? It looked as if your work was very concrete
dkfoxen
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@murraay,
The trade may still be active, you never know.
But since it had a break-out from the ascending trendline I decided to cut my losses.
I'm keeping an eye on the chart for a potential bull move, but right now the uncertaincy is too high for me to be finacially invested.
dpbalder
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I think ist pretty solid, but i am not sure if the Sentiment regarding Neo is bullish enough to really break out trough the downward trendline. Maybe someone else can comment on that
dkfoxen
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@dpbalder, You may be right. In any case I will continue to update this position till I'm put out.
Though I believe the Impulse Elliott Wave is correct. :)