Trade Direction:
INJ Long
Risk Management:
- Risk halved because of weekend
- Halved again as counter HTF trend (Bearish)
Reason for Entry:
- BTC retrace into OTE of H1 Leg and looks primed for my target on that long at $106,300 - $106,500
- Double Bottom
- Price starting to move out of oversold on multiple timeframes
- Failure to displace lower
- HTF Support.
Additional Notes:
- Target second daily FVG with a flat candle.
- Probably one of the weaker alts and if btc rolls over this will get stopped.
- Double bottom could be read as EQL which could get swept
- Losing the double bottom would invalidate this idea
INJ Long
Risk Management:
- Risk halved because of weekend
- Halved again as counter HTF trend (Bearish)
Reason for Entry:
- BTC retrace into OTE of H1 Leg and looks primed for my target on that long at $106,300 - $106,500
- Double Bottom
- Price starting to move out of oversold on multiple timeframes
- Failure to displace lower
- HTF Support.
Additional Notes:
- Target second daily FVG with a flat candle.
- Probably one of the weaker alts and if btc rolls over this will get stopped.
- Double bottom could be read as EQL which could get swept
- Losing the double bottom would invalidate this idea
Trade active
Moving stops BE here. Another free trade for the weekend.Trade closed: stop reached
Stopped BE. Wicked me out on MCFNote
Still have a smaller position running on Binance but not confident it survives.Note
Binance got stopped aswell at BE. Full review tomorrow.Note
Trade Review: INJDon't often trade double bottoms/tops, I prefer seeing the EQLs / EQHs swept and entering on the reclaim. Thats what this did just on a HTF. Double bottom got swept aka EQLs before further up.
That said not a bad trade moved 1.2R before reversing.
Closed for Breakeven
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.