The Wolf Den #109 - Trade Ideas
ALGO/BTC
This has taken a beating like every other coin, but has a very clear and confirmed bullish divergence with extremely oversold RSI. That means a bounce is likely, even if this is not a bottom. Very simply, I will exit if I see a clear break down, but currently have my stops at around 169, comfortably below the recent lows. Targets are shown as black lines. The best trade here would be a break of the descending black line. If that happens, I will take a more sizable position.
ETH/BTC
I am already long the USD pair on Phemex and underwater. I shared that in a stream as well. That said, I am getting interested in the BTC pair so I started scaling in. This is a falling knife at best, but it is showing potential bullish divergence with RSI on the 4-hour chart, with RSI currently at 17. That is extremely oversold, so a bounce soon is likely. This div is NOT CONFIRMED, so you can wait for a clear elbow up on RSI before entering. My stops are below the bottom of the current candle, around .0275, relatively tight.
The real trade here is a flip back of the blue line to support, or a break of that black descending line way up ahead.
I am taking a small position in the hopes that this is where we reverse, but will exit quickly at any sign of the market continuing down. Trade carefully.
LINK/USD
I took a long position with leverage on Phemex at $10.90 cents on the LINK/USD pair. I laid this out in the video the other day, but was watching a bit of a bull flag or descending wedge forming above the descending support (not shown). Now we have another retest of this descending support and are approaching the ascending support line. That's the circle and is the area I have been watching. We also have a TD Sequential red 9 (buy signal) on the 12 hour chart. This seems like a decent spot to bounce. Targets are white lines, stop loss for me is shown with the red line, just under 10.2. This could EASILY FAIL. I am taking the trade because the upside far outweighs the downside. The LINK/BTC pair is also approaching a somewhat major support.
VOX/ETH
I took this trade yesterday on Uniswap and shared it on twitter. I was in at around 3 ETH. I am sharing it here again because it seems to have formed a smaller bull flag and to be breaking out. I added a bit to the position.
I trade with NO STOP LOSS on Uniswap, because they do not offer them. What does that mean? It means a tiny position, where my stop loss is ZERO. I just calculate the position size to account for the coin to rug pull and disappear.
Target initially is around 6 ETH, at the top of the first descending line. But I think this can go much higher if the conditions are right.
YFII/BTC
I caught a small buy on this near the bottom, around .09. Once again, this was extremely oversold on daily RSI with a potential bullish divergence. That is not yet confirmed. At this point, I will add to the position if it flip .11068 to support. I would NOT BUY THIS RIGHT NOW, because it is at resistance. I got lucky and caught it near the bottom with a tiny position. You can use the black lines as targets if it does make it through resistance.
If the daily closes with this confirmed bullish divergence, I will have much more confidence in this trade.
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor.