My last INJ idea (16 Oct) never triggered and I cancelled it. Today Canary's staked INJ ETF (INJC) started trading on Nasdaq, and INJ is green on a day BTC sits at a seven week low. X is all bell ringing and celebration.
The chart: INJ ran from 6.82 to 8.59 in three days (+26%). When BTC lost 6% in one 4H candle on 5 Nov, INJ dipped to 7.78 and still closed at 7.92. Since then it tagged 8.45 to 8.60 three times (8.59, 8.45, 8.51) without a 4H close above. It is over its 4H 200 average (7.64) and its daily 50 (7.42).
Entry: only a 4H close over 8.60
Skip it if that candle closes over 8.85
Targets: 9.15 / 9.38
Wrong: 4H close under 8.10
Stop about 6%, TP1 about 6%, TP2 about 9%. Not a great ratio. Weak points: BTC is under both of its averages, so this goes against my own rule of trading with BTC. Launch days often get sold. The October tops at 9.41 to 9.49 sit right above TP2. No close over 8.60, no trade. Would you buy a break on ETF week?
