DOT - Trade Setup - 1 to 4h
Aug 31, 2022 1:37 PM
Well dudes and dudettes!
Here is another trading idea. This time i am focussing on DOT. Let`s see. First of all i take a look on the 1h Timeframe
Dot 1h- First of all i see that the price is ranging in the yellow marked zones. Let it call Support or Resistance.
- Then i added a trendline which touches at least 3 wicks on the screen. At the moment it looks like that we are trying to break.
- BUT remember it is weekend and it is the end of the month. Which is normally a little bid of a bear area.
Ok let`s take a look on the 4h timeframe.
DOT 4hAnd on the 4h we also see, what a surprise a downtrend. Which means we are more likely in a bear than a bull market.
Final thoughts:
- It depends on the close of the candle and of the price action. At the moment the price is ranging between the 2 marked areas. i would not go long until the resistance was broken and confirmed. Even then i am a little bid unsure about the LONG
- To open a short. i would wait for the rejection of the resistance in combination with the trendline. If the candle closes below i would look for a trade. Target would be the support area.
And no for me it is NOT a descending triangle at the moment, which is generally bearish. But who knows.. Happy trading and do not forget this is no financial advice and just some ideas.
Cheers MC
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