XLMIDR analysis
I believe this is a sweet spot for long.
A double bottom pattern, end of ABC correction, and support at 0.382 Fibonacci.
Impulse wave 1 will be confirmed if price breakout the trendline resistance (black line).
The trade I made is on XLMIDR (my local exchange) but so far it has a similar chart with XLMUSD
buy zone is around 8000-8500,
stop loss below the previous low (1h TF), around 7000 - 7500 or if daily candlestick close below support.
First target is 11500 (will be updated)
Disclaimer : this is my own idea and trade decision, I upload it here to provide my future self with an online data of my chronological think process for evaluation, and feedback from other traders. This is not a recommendation to make the trade. If you do make the trade, do so with your own calculated risk management.
A double bottom pattern, end of ABC correction, and support at 0.382 Fibonacci.
Impulse wave 1 will be confirmed if price breakout the trendline resistance (black line).
The trade I made is on XLMIDR (my local exchange) but so far it has a similar chart with XLMUSD
buy zone is around 8000-8500,
stop loss below the previous low (1h TF), around 7000 - 7500 or if daily candlestick close below support.
First target is 11500 (will be updated)
Disclaimer : this is my own idea and trade decision, I upload it here to provide my future self with an online data of my chronological think process for evaluation, and feedback from other traders. This is not a recommendation to make the trade. If you do make the trade, do so with your own calculated risk management.
Nota
My trade is stopped out yesterday, but the good thing is the major trend line support is holding nicely. I missed my chance to enter at that support, and now I am looking for another chance to re-enter. I think I'll wait till price break the trend line resistance (black line) or if the price goes back to the trend line supportNota
Nota
this is the chart for XLMIDR
Penafian
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