$MINA Applying a new strategy, attempt number 8
In my previous attempt, the mistake was how I managed the trade.
This time, I’m aiming for a 1:2 risk-reward ratio instead of 1:3.
✅ Step 1: Find an oversold market
✅ Step 2: Find a support level
👀 Step 3: Deceleration (may or may not occur)
👀 Step 4: Reversal candle
Okay, let’s review 📝
1. 🤔 Is MINA oversold? The RSI indicates it’s below 30.
On which timeframe?
1H timeframe
2. I’m looking for a support level on the 1H timeframe. Done.
3. Is there deceleration?
Yes, there are candles with small bodies and long wicks, forming a doji-like candle.
4. Is there a reversal candle?
Yes, a potential hammer is forming on the 1H timeframe. The candle hasn’t closed yet, but I’m entering the market because there’s deceleration on the 1H timeframe (a step before a reversal). I’m looking for a reversal candle on the 15m timeframe to get a better entry.
There’s a bullish engulfing candle on the 15m timeframe. I place my SL below the recent low, aiming for 1:2.
Now all that’s left is to wait.
Do you see a bullish move? Remember to do your own research (DYOR).
In my previous attempt, the mistake was how I managed the trade.
This time, I’m aiming for a 1:2 risk-reward ratio instead of 1:3.
✅ Step 1: Find an oversold market
✅ Step 2: Find a support level
👀 Step 3: Deceleration (may or may not occur)
👀 Step 4: Reversal candle
Okay, let’s review 📝
1. 🤔 Is MINA oversold? The RSI indicates it’s below 30.
On which timeframe?
1H timeframe
2. I’m looking for a support level on the 1H timeframe. Done.
3. Is there deceleration?
Yes, there are candles with small bodies and long wicks, forming a doji-like candle.
4. Is there a reversal candle?
Yes, a potential hammer is forming on the 1H timeframe. The candle hasn’t closed yet, but I’m entering the market because there’s deceleration on the 1H timeframe (a step before a reversal). I’m looking for a reversal candle on the 15m timeframe to get a better entry.
There’s a bullish engulfing candle on the 15m timeframe. I place my SL below the recent low, aiming for 1:2.
Now all that’s left is to wait.
Do you see a bullish move? Remember to do your own research (DYOR).
