Doge has formed a bearish pattern on the 1-hour timeframe, with potential targets at 0.206 and 0.196.
I wouldn’t take a short entry here. Instead, I’ll wait for a bounce. Shorting now would be a counter-trade.
I’ve drawn a possible bounce zone, with a good entry point around the shorters’ TP2 at 0.196.
Another scenario involves a liquidity sweep before dropping to TP2, which would indicate a stronger bearish move.
The last possibility is a break above the liquidity sweep area, followed by consolidation and either a new high or a bullish structure formation. In that case, we could consider buying in that zone.
I wouldn’t take a short entry here. Instead, I’ll wait for a bounce. Shorting now would be a counter-trade.
I’ve drawn a possible bounce zone, with a good entry point around the shorters’ TP2 at 0.196.
Another scenario involves a liquidity sweep before dropping to TP2, which would indicate a stronger bearish move.
The last possibility is a break above the liquidity sweep area, followed by consolidation and either a new high or a bullish structure formation. In that case, we could consider buying in that zone.
Note
There's still a high probability that it will reach the tp 2.
Trade active
Assuming you bought at the retest of the breakout.
The invalidation of this box is a close below the bottom trailing stop, which is the 100-daily MA.
The first target is 0.21, and the second is 0.24, which would indicate a bullish move.
A retest of 0.24 and a breakout from there in the daily timeframe would form a bullish iH&S pattern.
Note
FYI, this is for spot traders.For those who already have a 'numb heart'.
This is not for beginners. This will take time and, honestly, will be a very rough ride since we're eyeing the daily time frame.
Lots of shake out will happen and hopefully will reach those tp 2 and make a break out.
Trade closed: stop reached
Closed trade when reached the bottom of the box.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.