Dear fellas, the price action for BITFINEX:LEOUSD has reached the bottom zone (i.e. around 0.961), this should be considered by traders as a strong support and give us a good buy opportunity.
Furthermore, since the beginning of October, the price action seemed to be consolidating between the bottom zone and the first resistance around (i.e. 1.012). The 1.012 area could be considered as a first profit target before further upward movements.
Risk management : to anticipate a potential downward movement, a stop loss can be set around 0.936 which is just below the last bottom (i.e. 0.941) on October 9th . Considering the actual entry price (i.e. around 0.961) and a second profit target (resistance around 1.071), this gives traders a good R/R ratio of about 4.83.
If the price actually goes as predicted, traders should keep a trailing stop to keep some profit
N.B : since it is difficult to predict every market movement, it is suggested for traders to only look for trades with a R/R ratio of at least 1:3. Remember, trading should be kept simple in order to survive.
I will keep updating this trade according the future price action.
Fellas, please support this idea with your likes, thanks.
Published at Thu, 14 Nov 2019 08:35:51 +0000