SOLD SUI and waiting for re-entry
I had been accumulating SUI since last Sept when it broke above $1.0. But yesterday I sold my SUI position. It is probably not a good idea for many, but I did.
My overall bias for SUI is extremely bullish and I believe it will go much higher once BTC decides to move up. However, both daily RSI and MACD were forming a very clear negative divergence over two months. On top of that, the price tried to reach ATH, but failed, retested the previous higher high but failed. It gave me a sign of the weaking, so I sold it.
Now, I am going to wait for an opportunity to buy back. My rules for a long entry are as follows:
I use two time frames - weekly/daily and daily/4h.
My first rule for long:
1) MACD in the higher timeframe needs to be in the bull territory which is above 0. The angle of MACD is not important. It needs to be in the bull zone.
2) Stochastics (9,3,3) in the higher timeframe needs to reset and stochastics lines need to cross and start to move upwards. It cannot be in the overbought territory. If these two conditions are met in the higher time frame, I go to the lower time frame to start looking for an exact entry point.
3) MACD lines in the lower timeframe properly cross and enter the bullzone or cross and move upwards above the bull zone. Green vertical lines I drew in the chart are good examples.
4) Stochastics (9,3,3) in the lower timeframe cannot be in the overbought territory.
5) if the price is taking off from the critical area such as EMA21and resistance/horizontal/trendline, it even confirms it is a good area of entry.
My overall bias for SUI is extremely bullish and I believe it will go much higher once BTC decides to move up. However, both daily RSI and MACD were forming a very clear negative divergence over two months. On top of that, the price tried to reach ATH, but failed, retested the previous higher high but failed. It gave me a sign of the weaking, so I sold it.
Now, I am going to wait for an opportunity to buy back. My rules for a long entry are as follows:
I use two time frames - weekly/daily and daily/4h.
My first rule for long:
1) MACD in the higher timeframe needs to be in the bull territory which is above 0. The angle of MACD is not important. It needs to be in the bull zone.
2) Stochastics (9,3,3) in the higher timeframe needs to reset and stochastics lines need to cross and start to move upwards. It cannot be in the overbought territory. If these two conditions are met in the higher time frame, I go to the lower time frame to start looking for an exact entry point.
3) MACD lines in the lower timeframe properly cross and enter the bullzone or cross and move upwards above the bull zone. Green vertical lines I drew in the chart are good examples.
4) Stochastics (9,3,3) in the lower timeframe cannot be in the overbought territory.
5) if the price is taking off from the critical area such as EMA21and resistance/horizontal/trendline, it even confirms it is a good area of entry.
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