QLC Ranging between 120-235 satts respecting both levels. Looking for a swing from the bottom of the current channel, to the top when the short term down trend is broken.
Because QLC is such a low satt coin, position size would be very small and only 0.5% Risk on this position, if a trade presents itself. Looking for an entry off a clean break and retest of trend with an obvious Higher-Low to be made. The market structure of this is currently still bearish, however I will be watching for a change as price is squeezed against the current downtrend. Only if the change in structure is clear will I take this trade.
Things to consider; - QLC has been trending down for 56 days since the 6th of Feb 2020. - Wicks to the downside every time price comes close to the current support around 120 satt level. - RSI starting to structure up as price beings to squeeze. - MACD crossed to the upside with plenty of room to move. - Recent move closed above middle Bollinger Band.
Risk management; This trade would be a very small position due to the risk of low satt coins. Also there are large wicks in both directions that could potentially stop you out of a position easily. To help offset this risk I would be moving stops to break even if we reach Take Profit level 1.
Time frame; Due to the low volume of this coin and judging based of past moves, if a trade presented itself here on a breakout, I would expect it to take approximately 35 days. This is not a short term trade.
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.