Everyone, I want to open a large long position on $DOOD .
Take profit: 0.001991
Stop loss: 0.001755 👇
You might be wondering the obvious question: why go long at this level?
First, let’s get the direction straight: this coin has been grinding lower recently, but it’s only down 2.45% in seven days—it’s running out of steam.
It’s at the 14.3rd percentile of its 20-day range, just a short distance above the lower bound of 0.001267. The price is hunkered down near the bottom of the range.
There’s no follow-through when it gets pushed down, and the bears aren’t making any money either. That’s why I’m willing to take a shot here.
Why set the take-profit and stop-loss there? Because the average daily volatility is 36.738%, and that’s about as much room as this market can offer.
The take-profit at 0.001991 is +11.04% from the current price. I’m only targeting the smaller of the 12-hour reverse extreme and the average daily volatility.
The stop-loss at 0.001755 is -2.11% from the current price, with a 0.5% buffer. Both levels are within this average daily volatility.
At first glance, I thought I’d set the stop-loss incorrectly. I checked twice before believing it: this trade has a risk-reward ratio of 5.24.
The latest 15-minute candle closed at 0.001793, and that’s the price I’ve set. There’s not much disagreement across the market; everyone’s waiting to see who takes profit first.
What do you think—will a coin sitting this close to the bottom find an opportunity, or keep leaking lower? Let me know in the comments.
$PREDICT $WEN
#DOOD #PREDICT #Cryptocurrency
The above is a record of my personal trading system and observations of market data. It does not constitute investment advice.
Take profit: 0.001991
Stop loss: 0.001755 👇
You might be wondering the obvious question: why go long at this level?
First, let’s get the direction straight: this coin has been grinding lower recently, but it’s only down 2.45% in seven days—it’s running out of steam.
It’s at the 14.3rd percentile of its 20-day range, just a short distance above the lower bound of 0.001267. The price is hunkered down near the bottom of the range.
There’s no follow-through when it gets pushed down, and the bears aren’t making any money either. That’s why I’m willing to take a shot here.
Why set the take-profit and stop-loss there? Because the average daily volatility is 36.738%, and that’s about as much room as this market can offer.
The take-profit at 0.001991 is +11.04% from the current price. I’m only targeting the smaller of the 12-hour reverse extreme and the average daily volatility.
The stop-loss at 0.001755 is -2.11% from the current price, with a 0.5% buffer. Both levels are within this average daily volatility.
At first glance, I thought I’d set the stop-loss incorrectly. I checked twice before believing it: this trade has a risk-reward ratio of 5.24.
The latest 15-minute candle closed at 0.001793, and that’s the price I’ve set. There’s not much disagreement across the market; everyone’s waiting to see who takes profit first.
What do you think—will a coin sitting this close to the bottom find an opportunity, or keep leaking lower? Let me know in the comments.
$PREDICT $WEN
#DOOD #PREDICT #Cryptocurrency
The above is a record of my personal trading system and observations of market data. It does not constitute investment advice.
