Down 10.04%, I actually don’t think there’s any need to rush into shorting at $ENA . It’s currently trading at 0.1174, just a whisker above the 24-hour low of 0.1100. Shorting at the floor could easily mean chasing it down to the floor beneath the floor.
My plan is to wait for it to bounce back toward the 24-hour midpoint around 0.1210, then see whether the bears still have any strength. Assessing it after a bounce is a very different risk from chasing it directly at the lows.
Direction: Watch for a short; don’t chase it now. Reference range: 0.1174–0.1210; wait for a bounce near 0.1210 before reassessing. Invalidation level: above 0.1319. Target: 0.1040. Risk level: High. Assuming an entry near 0.1210, the loss to the invalidation level would be about 0.0109, while the potential gain to the target would be about 0.0170, for a risk-reward ratio of roughly 1.6.
Would you wait for a bounce near 0.1210 before considering a short, or give up on this setup altogether?
For reference only; not investment advice. Please manage your position size carefully.
$ENA
#ENA #Trading Opportunity
My plan is to wait for it to bounce back toward the 24-hour midpoint around 0.1210, then see whether the bears still have any strength. Assessing it after a bounce is a very different risk from chasing it directly at the lows.
Direction: Watch for a short; don’t chase it now. Reference range: 0.1174–0.1210; wait for a bounce near 0.1210 before reassessing. Invalidation level: above 0.1319. Target: 0.1040. Risk level: High. Assuming an entry near 0.1210, the loss to the invalidation level would be about 0.0109, while the potential gain to the target would be about 0.0170, for a risk-reward ratio of roughly 1.6.
Would you wait for a bounce near 0.1210 before considering a short, or give up on this setup altogether?
For reference only; not investment advice. Please manage your position size carefully.
$ENA
#ENA #Trading Opportunity