DOT is sitting in a spot where I really don't want to rush.
I've been watching this chart for a while, and the thing that keeps bothering me is that buyers still haven't managed to change the 1H structure.
We had the move from 1.3055, then lower high, lower low, another lower high, and eventually that drop toward 1.13. Nothing about that sequence has really changed yet.
Right now we're around 1.2148, and this is where it gets interesting.
The 7, 14 and 28 MAs are bunched up around 1.1815 to 1.2036. Price is sitting just above that area, so I want to see what happens if DOT comes back to test it.
If that retest gets rejected, I think the downside opens up again.
The candles aren't giving me much confidence in the buyers either. They're getting smaller, with wicks showing up on both sides. That's usually not what I want to see before taking a bullish continuation.
Order book data is also slightly tilted toward sellers right now, around 54%.
So I'm not trying to predict a huge dump here. I'm simply waiting for the chart to give me a setup.
The area I'd consider for a short is:
Entry: 1.2160–1.2240
SL: 1.2350
TP1: 1.1388
TP2: 1.0556
TP3: 0.9800
That gives roughly 1:3 R:R if the setup plays out.
But I won't force it.
If DOT takes back 1.2350 with a convincing 1H close, my idea is wrong and that's enough for me. No reason to keep fighting the chart.
And honestly, if it drops without giving the entry, I'll let it go. Missing a trade doesn't cost me anything. Chasing one can.
That's probably the biggest thing I've learned from trading.
You don't get paid for being in the market all the time. You get paid for being patient when the right setup finally appears.
Not financial advice. DYOR and keep risk under control. $DOT
I've been watching this chart for a while, and the thing that keeps bothering me is that buyers still haven't managed to change the 1H structure.
We had the move from 1.3055, then lower high, lower low, another lower high, and eventually that drop toward 1.13. Nothing about that sequence has really changed yet.
Right now we're around 1.2148, and this is where it gets interesting.
The 7, 14 and 28 MAs are bunched up around 1.1815 to 1.2036. Price is sitting just above that area, so I want to see what happens if DOT comes back to test it.
If that retest gets rejected, I think the downside opens up again.
The candles aren't giving me much confidence in the buyers either. They're getting smaller, with wicks showing up on both sides. That's usually not what I want to see before taking a bullish continuation.
Order book data is also slightly tilted toward sellers right now, around 54%.
So I'm not trying to predict a huge dump here. I'm simply waiting for the chart to give me a setup.
The area I'd consider for a short is:
Entry: 1.2160–1.2240
SL: 1.2350
TP1: 1.1388
TP2: 1.0556
TP3: 0.9800
That gives roughly 1:3 R:R if the setup plays out.
But I won't force it.
If DOT takes back 1.2350 with a convincing 1H close, my idea is wrong and that's enough for me. No reason to keep fighting the chart.
And honestly, if it drops without giving the entry, I'll let it go. Missing a trade doesn't cost me anything. Chasing one can.
That's probably the biggest thing I've learned from trading.
You don't get paid for being in the market all the time. You get paid for being patient when the right setup finally appears.
Not financial advice. DYOR and keep risk under control. $DOT
