I know I have been posting a lot of long set-ups recently, but IOTA is just looking so juicy right now so i have to mention it.
So simple - the bid is $1.00 - a break out above this descending wedge (which just got respected on this latest sell-off) would be a big LONG indicator imo, and traders would be looking to the next psych levels for TP ($1.50 & $2.00).
here's the set-up:
entry --> $0.98----> (a nice round number, potential for double bottom, and 0 level fib support)
take profit --> $2.00 (logical psychology level following a bullish breakout signal)
Stop --> $0.85 (if we see price fall to this level, it will be likely to continue to the $0.75 mark, so you can get out and save some more pain)
Risk --> 1/2 normal risk on.
lets see how it works out.
Have a great trading day everyone.
So simple - the bid is $1.00 - a break out above this descending wedge (which just got respected on this latest sell-off) would be a big LONG indicator imo, and traders would be looking to the next psych levels for TP ($1.50 & $2.00).
here's the set-up:
entry --> $0.98----> (a nice round number, potential for double bottom, and 0 level fib support)
take profit --> $2.00 (logical psychology level following a bullish breakout signal)
Stop --> $0.85 (if we see price fall to this level, it will be likely to continue to the $0.75 mark, so you can get out and save some more pain)
Risk --> 1/2 normal risk on.
lets see how it works out.
Have a great trading day everyone.
