The trade I would NOT take on $PENGU right now:
Chasing the green candle at $0.00945.
$PENGU is sitting almost exactly at its recent high around $0.00947, while the 4H structure is already strongly bullish.
EMA7 > EMA25 > EMA99.
Price is above all three.
Supertrend is still green.
So I like the trend.
I just don't like chasing the location.
Two setups make more sense to me:
1. Break and close above $0.00947 with strong volume.
2. Pullback into the $0.00870-$0.00885 area and hold.
For the second setup, my invalidation would be around $0.00795, with upside targets at $0.00947, $0.01000 and $0.01050.
Sometimes the best trade is simply refusing to buy the top of the candle.
Trade the confirmation, not the excitement.
⇢ Click here to Trade 👇️
Chasing the green candle at $0.00945.
$PENGU is sitting almost exactly at its recent high around $0.00947, while the 4H structure is already strongly bullish.
EMA7 > EMA25 > EMA99.
Price is above all three.
Supertrend is still green.
So I like the trend.
I just don't like chasing the location.
Two setups make more sense to me:
1. Break and close above $0.00947 with strong volume.
2. Pullback into the $0.00870-$0.00885 area and hold.
For the second setup, my invalidation would be around $0.00795, with upside targets at $0.00947, $0.01000 and $0.01050.
Sometimes the best trade is simply refusing to buy the top of the candle.
Trade the confirmation, not the excitement.
⇢ Click here to Trade 👇️
