WAVESUSD - 40 days of consolidation. Time for another breakout?* DON'T BE AN IDiOT AND THiNK FOR YOURSELF!
* THiS iS NOT A FiNANCiAL ADVICE!
TRADE:: WAVES_01_16012021
STATUS:: Contemplating about the entry point
TYPE:: Long
PATTERN:: N/A (Still expecting a descending triangle on a lower timeframes or any other consolidation pattern on 1H timeframe)
SIGNAL:: 4H MFI
FILTER:: 1H OBV Delta, 4H OBV Delta have to turn green. Price is already above 168EMA on 1H chart
VOLUME:: $3000
ENTRY:: 6.94XX - 7.4XXX
TP1:: 10.17 - 11.54 (30-60%)
TP2:: 12-15 (50-100%)
SL:: 6.8335 / 1.68%
R/R:: 28
RISK:: $50
REWARD:: $1000-$2000
PROS::
1. We got a breakout on 4H MFI which is very bullish and can lead to a big move up
2. 40 days consolidation from the previous high might be enough to go higher
CONS::
1. It will be nice to see a confirmation of our counter-trend line before we enter the deal
2. 1H and 4H OBV Delta are still red. We need to see them green if we expect the price to go higher
OVERALL::
* We still don't have a clear entry point!
* WAVESUSD already gave us few buy signals, but it is still going sideways. So we are still waiting for a PREMIUM buy signal confrimed by a price action
* We don't know yet if the counter-trand line is really showing where the resistance is, so it's better to wait for a price reaction on that level around 6.8XX and 7.4XX
* We MUST be ready to go long on WAVESUSD the move up might occur anytime soon, but let's clarify where the REAL resistance is to buy a breakout
* I will provide my entry point in this publication, so make sure you subcribed on this idea
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