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OMGUSD trade ideas

OMG is overbought, short term correction paves the way to shortsDisclaimer: This is not financial advice In high leverage trading your entry is a matter of life or death, you need to have patience and to not let fear of missing out drive you into opening rushed positions. Map out your trades in advance and wait for the right entry. Our aim is to capture quick & safe profits, not to predict the future, this is possible only if we fight for a good entry. So if you're nervous and itching to open a position then take a few deep breaths and don't trade! OMG has done a lot, aside from the significant rally since March it also broke out of a 3 year bearish channel entering price discovery. Anything can happen here however we as traders have to look for cues to assess risk and identify opportunities where to position ourselves. 9.3 was a clear short opportunity, now we are pretty much in no man's land. I do have a bearish bias though for a few simple reasons. First of all we are still very close to the 9.3 resistance so RR favors bears, then indicators show that we are in deep overbought territory while the multi year upper trendline of the bearish channel still hasn't been retested. I believe a retest, even shallow, is in the cards. We could see 1.4-1.5 in the mid term. In the meantime however we are probably either going sideways or moving slowly/quickly lower. Sideways is a risk for those looking to open high leverage shorts so to handle this we try to identify the limits of a potential channel and based on that spot entries for high leverage shorts and longs. It is worth noting that a bullish retest of the 6.72 area seems to be failing so this area remains resistance and creates an important shorting opportunity: Entry: 6.75-6.87 SL:7 TP1: 4.74 TP2: 3.87 TP3: 2.7
BITFINEX:OMGUSDShort
by zerobounds
OMG/USD - Increase Of Over 63% Seen But Is It Over?From Tuesday's low, we have seen an increase of over 63% for the price of OmiseGo. The price moved to the upside in a parabolic manner but has now started showing signs that the impulse wave might have ended with the price interacting with the upper level of its current ascending channel. The wave structure implies that we have seen the completion of the 5th wave of the Minute count and with it the 5th wave of the higher degree count. This is why now we are likely to see another ABC correction at least to the lower levels of the ascending channel or with a slight breakout to the upside. As the price is currently hovering around the $4 mark a breakout below this psychological resistance could lead for a more significant decline even below the $3 mark but if it manages to hold above the $3.27 cluster further upside would still be in play.
BITFINEX:OMGUSDShort
by SublimeTraders
Here We omiseGO Again! Why Buy High?#OMGUSD has gone vertical, following along with the recent surge in capital flowing back into alt coins. As usual, there is hype everywhere, no different than when Bitcoin was pushing toward 20K back in 2017. Human nature is what drives ALL financial markets and it does not change. I write this to offer some technical perspective and clarity in order to help you make a more RATIONAL choice when you observe a chart that looks like this. (Have you seen Kodak stock?) The 3.00 area is a significant resistance that dates back to over a year (look back on your chart). Just like Bitcoin, the probability of selling activity is high here. The EFFECTIVE behavior here is to partial out of a winning position (if long from lower prices) and let a small portion run to see how far momentum can carry this thing. If you are not in, the LEAST effective behavior is to buy into this now, thinking it will run to 10, or some other number that the hypesters are hyping about. The herd is what drives the price, while the smart money (those who operate with some form of valuable information) capitalize on their reactions. Charts and technical analysis can provide ways to measure risk and prepare for higher probability opportunities IN ADVANCE. The low 2.00 area is the current support point that is in play. Meaning, IF price retraces from current levels, the most attractive location in terms of probability is this the 2.00 area. Smart money waits for these, and assume no risk in the process. If you are a new investor, and you find yourself consuming "news", "fundamental stories", and advice from inexperienced and self proclaimed authorities, you are much more likely to act irrationally. And it is this irrational behavior that drives the herd mentality. Learn to recognize the market from the behavior perspective. Charts serve only as a starting point.
BITFINEX:OMGUSD
by MarcPMarkets
15