Dash/Dollar DASHUSD Strategies Reviewed Time Always Tells The 2 possible entry strategies yesterday gave one great result and for the other the jury is still out. You'll be familiar with the story about the old bull and his boy out on the range: the young bull sees a herd a beautiful looking cows in the valley below and says: Dad, look at those babes...that one looks like Adriana Lima! Let's get down there and...you know the rest. That was Dash yesterday - don't chase, it might just come to you and eat right out of your hand. Sure enough some smart traders stuck a few lazy orders down at 302 (entry was actually placed just above the break level/previous spike low on Thursday at 302.8 but it looks to have come down to 300 low) - and then ripped 57 points or 20% in a near straight line in less than 6 hours...makes Bitcoin look quite tame at the moment. That was the good choice, the older, calmer way to go. The other choice was follow the break-out above new structure at around current prices now, 338-342. Then we have to keep an eye on price action to see how it behaves after the breakout, obviously. And here, it has to be said that follow through is lame, so far. We're in a weekend too. We can see those two spikes that have recently formed, showing quite strong rejection from just under 360, so am concerned here that if it breaks back down below 335 now, it will likely fall away on lack of buying interest to 318 at least and quite possibly it can spike down to 302 again before it rallies...this break-out has failed, so far. That's what the chart is saying, and Dash needs buyers now to push it higher still, otherwise it will start to fall away. So need to put a tight stop under this, if long and day-trading, at 328. If hit, then put a buy order in at 305 with stop just under 296 and see if it gets filled. Longer term The sloping head and shoulders pattern here is similar to the one on Facebook, in this case with a minimum upside target at 453, with the most likely points of resistance on the way marked on the chart. It's good medium term. But be careful of whipsaw between 302 real support and 340 reistance in the very near term. It's a good tradeable 10% range for day- traders once 330 gives way...that's where they're most likely to step in on short side, so use stops, looking to get long again from lower down if 330 gives way. Moral of this dumb story: sometimes it pays to be cool and calculating and sometimes it also pays to follow the herd and play momentum breaks. But a momentum break needs careful watching over on the day following the break: did volume spike on the break out? Has it had follow-through? Are there any scary pin bars forming showing quite strong rejection at higher levels...? You knew all this anyway. Don't trade on hope. Trade on what the chart tells you. If you can manage to master this Zen-like state, you are free. It's not you. It's the chart.
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Dash continues to go well and, so far won't give up. It's forming a little flag under the spike hihs which is unusual. Two hits on the lower parallel shows hot, still at these levels. Follow break out to upside. If this fails and the lower parallel breaks, close out all longs.
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Stop for next long triggered by a break above the upper parallel can be placed a little under the same line at the point of the break, should it occur. All longs from lower down get closed if the lower parallel breaks...it shouldn't but it needs buying power here to push it higher above the parallel at which point momentum players will join, and we can add to longs too if the break happens
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