$SNXX 's long position—I want to take an entry on this floor.
Take profit: 4.163
Stop loss: 3.8447
👇 The setup first, the reasoning after
Let me ask the question you're all probably thinking: why go long at this level?
Because of the price. In 20 days, it fell from 10.63 to 3.966, and the current price is sitting at the 13.5th percentile.
There's plenty of room to the upper bound, and the lower bound at 2.93 is still a long way below, leaving a substantial buffer.
If it breaks, I'll accept the loss.
Over the past seven days, it's rebounded 22.41%. I initially thought it was a dead-cat bounce, but after looking back, I realized the heavy selling came during the preceding weeks.
It fell from 10.63 to 3.966 in less than three weeks, shedding over 60%. But over the past seven days, it's climbed back more than 20%. This move is about catching a rebound.
The risk-reward ratio on this trade is 1.62.
Both levels are within the daily average volatility of 23.21%. That's the placement discipline I've set for myself, and I won't go beyond it.
To be honest, I'm not betting on it recovering all the way to the upper bound in one go. I'm betting that once the positions have changed hands at this floor, the people holding above will take profits first.
There's decent depth in the market right now, but liquidity is all dozing off up at the upper bound, with layer upon layer of trapped positions weighing it down.
I'll save $TRX and $INJ , which are on the same screen, for the next round.
What do you think? At this level, would you wait for a bullish confirmation candle, or set up now?
#SNXX #TRX #cryptocurrency
The above is a record of my personal trading system and observations of market data. It does not constitute investment advice.
Take profit: 4.163
Stop loss: 3.8447
👇 The setup first, the reasoning after
Let me ask the question you're all probably thinking: why go long at this level?
Because of the price. In 20 days, it fell from 10.63 to 3.966, and the current price is sitting at the 13.5th percentile.
There's plenty of room to the upper bound, and the lower bound at 2.93 is still a long way below, leaving a substantial buffer.
If it breaks, I'll accept the loss.
Over the past seven days, it's rebounded 22.41%. I initially thought it was a dead-cat bounce, but after looking back, I realized the heavy selling came during the preceding weeks.
It fell from 10.63 to 3.966 in less than three weeks, shedding over 60%. But over the past seven days, it's climbed back more than 20%. This move is about catching a rebound.
The risk-reward ratio on this trade is 1.62.
Both levels are within the daily average volatility of 23.21%. That's the placement discipline I've set for myself, and I won't go beyond it.
To be honest, I'm not betting on it recovering all the way to the upper bound in one go. I'm betting that once the positions have changed hands at this floor, the people holding above will take profits first.
There's decent depth in the market right now, but liquidity is all dozing off up at the upper bound, with layer upon layer of trapped positions weighing it down.
I'll save $TRX and $INJ , which are on the same screen, for the next round.
What do you think? At this level, would you wait for a bullish confirmation candle, or set up now?
#SNXX #TRX #cryptocurrency
The above is a record of my personal trading system and observations of market data. It does not constitute investment advice.
