DOGE trade setup
Weekly: long term analysis
While Bitcoin is King,
DOGEUSDT is memecoin's King.
After around 90% deep correction during the bear market,DOGEUSDT has built a very clear horizontal support at the 0,057$. Prices are contracting between a descending resistance line and this horizontal support to form a long consolidation triangle pattern which might come to an end soon.
Daily: short term analysis
The triangle pattern is attempting a breakout upward. IF this breakout is confirmed, prices can quickly rise based on previous price action of DOGE. The latest higher low contracted the prices and offer us a good risk/reward setup
Strategy
Buy signal was given yesterday on the daily close (with strong volume) above the resistance line at 0,098$.
Invalidation
Mental Stop: just below the recent weekly swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
While Bitcoin is King,
DOGEUSDT is memecoin's King.After around 90% deep correction during the bear market,
DOGEUSDT has built a very clear horizontal support at the 0,057$. Prices are contracting between a descending resistance line and this horizontal support to form a long consolidation triangle pattern which might come to an end soon.Daily: short term analysis
The triangle pattern is attempting a breakout upward. IF this breakout is confirmed, prices can quickly rise based on previous price action of DOGE. The latest higher low contracted the prices and offer us a good risk/reward setup
Strategy
Buy signal was given yesterday on the daily close (with strong volume) above the resistance line at 0,098$.
- Objective 1: Nearest resistance line at 0,16$ (+60%)
- Objective 2: Triangle breakout target at 0,25$ (+150%)
- Objective 3: Weekly ATH at 0,6$ (+500%)
Invalidation
Mental Stop: just below the recent weekly swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
Nota
And our first objective is reached ✅ this morning with a juicy +60% in less than 5 days!Let's take some profits and keep the remaining to target our next objectives.
TO BE CONINUED...
Trade fechado manualmente
Nota
protective Stop loss has been executed today on this high volatility day at 0.168$We are out of this trade with a perf of 65%. Let's move on.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.