Trade Alert - 67% PP to FT with a 5.3 RRR

#altcoins #altcoinseason

Traders,

There is no question that we are close to altcoin season now. Really, the biggest question is whether our altcoin leader, Ethereum, will hold its current support of 3,700 or drop a little bit more to 3,500. While the latter option is still a fairly strong possibility, my goal is to make trades on good setups as I find them. Overall, we have a very good win-to-lose ratio and with our current win streak of 11 at 35%+ profit per trade, we can afford to bet a bit ahead of the curve here, though some of you may choose to see what Ethereum decides to do first.

Let’s talk about some of the positives I see on this trade. First of all, we can quickly nearly double from our entry point. My final target may actually be a bit low but it does come at significant downside resistance with that descending trendline (see chart below). That is why I chose it as my final target.

You also have accumulation since April which I expect to break to the upside on the next up-test of top-side resistance in that channel.

Then, look at that strong support just below us. Though we have dipped below it before for a day or two and we could do it again, notice that I have my stops set just below the middle big wick down. That gives us plenty of room to work with on this trade and I feel safe with it.

The RSI is at a decent level and look at that bullish divergence!

The Awesome Oscillator shows us the same bullish trend.

I have all the levels you need to trade in and out drawn on the chart below. As you know, it is my practice to exit some portion of my trade with one of my signature rules, a move up of 20%+ in one day along with a tag of one of these levels. Should this happen, you can be sure I will take some profit. I then look to either re-enter the same trade at a level below or, if we don’t return there, I look for a new trade with the cash we’ve grossed.

Hope this all makes sense. It’s really simple trading at its best. But it works so well in a bull run which, btw, is right around the corner!

Now, here is the chart and details on this trade.