Hey folks. I hope you are doing well. This is my Current plan on Polkadot.
Day Chart above I have listed my current current Plan of Action, with my first Long Entry at or near , give or take either way, and my second entry at or near . I would like to see Price Action bounce off Support (Trendline) to get a good Entry Price, increasing my Risk/Reward in my favour, by allowing me to set my Stop Loss just below the Trendline (Support)
Another thing I like on the Day Chart is the Falling Wedge Pattern. Majority break to the upside. Its a Bullish Pattern
If Price Action does bounce off the Trendline (Support), there is a good chance Price Action will create a Bullish Divergence on RSI.
I will take some at the first resistance, and depending on price action I may close entire trade. And will take Profits at the second Resistance, and let the rest ride for long as possible, while moving my Stop Loss as Price Action rises, insuring profits. But Markets can change at anytime, and depending on price action, I may revaluate my position. Nothing is set in stone. For no trader can predict the markets. The best that traders can do is to determine the probabilities in which direction it will go.
This trade is for a short term play (Swing Trade). Anywhere from a couple days to a week or two, possibly more.
It is important to note, I have not used any leverage. Not Financial Advice
Please take Note: Price Action on Day Charts can take some time to play out. Anywhere from a couple days to couple of weeks.
