Current Situation (as depicted in the image):**
* **Asset:** PENGUINSDPERP PERPETUAL MIX CONTRACT (presumably a cryptocurrency perpetual future).
* **Timeframe:** 4D (4-day candles).
* **Your Position:** You are in a short position, and it looks like you are currently in profit, as indicated by "my short with profit."
* **Your Exit/Take Profit:** The blue line marked "SL" (which is typically Stop Loss, but you've indicated it as your "exit") is at approximately $0.017000.
* **Price Action:** The price has recently experienced a significant upward move, currently trading around $0.043089.
* **Moving Averages/Indicators:** There are several lines that appear to be moving averages or similar indicators (green, light blue, dark blue). The fast VWMA is 45, and the slow RMA is 48.
* **Resistance/Supply Zones:** There are red boxes indicating potential resistance or supply zones. One is currently being tested around $0.043-$0.045. Another lower one was previously breached.
* **Support/Demand Zones:** There's a green box indicating a potential support or demand zone around $0.009-$0.010.
**Trading Idea - Managing Your Current Short Position:**
Given that you're already in a short position and in profit, the key is to manage it effectively.
**1. Re-evaluate Your "Exit" (Blue Line at $0.017000):**
* You've stated the blue line at $0.017000 is your "exit." If this is your **Take Profit (TP) target**, it's quite ambitious given the current price of $0.043089. This would imply a very significant drop.
* If this was originally your **Stop Loss (SL)** for a *previous* long trade that you've now flipped to a short, or if it's a stop-loss for *this* short trade but you misspoke, it's very far below the current price and would mean you'd take a huge loss if the price were to rebound from current levels to that point while you're short.
* **Clarification Needed:** Please clarify if the blue line is your Take Profit for the short, or if it's an old stop loss, or something else. For the purpose of this idea, I will assume it's your *intended Take Profit for the short position.*
**2. Adjusting Your Strategy Based on Current Price Action:**
The price is currently challenging a significant resistance zone. This offers a few possibilities for managing your short:
* **Scenario A: Strict Adherence to Original Plan (Risky if $0.017 is TP):**
* If your target is genuinely $0.017000, you are aiming for a massive drop. This is a high-risk, high-reward strategy.
* **Idea:** Hold your short, but **definitely move your stop-loss down to protect your profits.** Do NOT keep your stop loss above the current price if you are short. Place it just above the current resistance zone (e.g., around $0.047000 - $0.050000) to limit potential losses if the price breaks higher.
* **Scenario B: Partial Profit Taking & Trailing Stop Loss (Recommended):**
* Given the significant run-up and the current resistance, it's prudent to secure some profits.
* **Idea:**
1. **Take Partial Profits Now:** Close a portion of your short position (e.g., 25-50%) at the current price levels ($0.043000 - $0.045000). This locks in some profit immediately.
2. **Move Stop Loss (SL) to Break-Even or Above Entry:** For the remaining portion of your short, move your stop-loss to your original entry price (or slightly above it to guarantee some profit, even if the price reverses completely against you). This creates a "risk-free" trade for the remainder of your position.
3. **Set Trailing Stop Loss:** As the price potentially moves lower (in your favor), continuously trail your stop-loss downwards, maintaining a fixed distance (e.g., based on a percentage, ATR, or previous swing highs). This allows you to capture more of the downside while still protecting profits.
4. **Consider Intermediate Take Profit Targets:** Instead of waiting all the way down to $0.017000, consider setting intermediate take-profit targets at key support levels, such as:
* The top of the previous support zone (around $0.012000 - $0.013000).
* The green demand zone (around $0.009000 - $0.010000).
* **Scenario C: Aggressive Short Re-entry/Adding to Short (Higher Risk):**
* If you strongly believe this is a significant top and the price will reverse sharply, you could consider adding to your short position if you see clear bearish confirmation (e.g., rejection from the current resistance, a bearish engulfing candle, or a break below immediate support).
* **Idea:** Wait for a clear bearish reversal pattern on a lower timeframe (e.g., daily or 12-hour) around the current resistance. If it appears, consider adding a small amount to your short. **Crucially, ensure your overall position size remains manageable, and use a tight stop-loss for this additional entry.**
**Important Considerations:**
* **Risk Management:** Always define your maximum acceptable loss per trade.
* **Position Sizing:** Do not over-leverage.
* **Market Context:** What is the broader market sentiment for cryptocurrencies? Are there any fundamental news events that could impact this asset? (The chart itself doesn't provide this, but it's important to consider).
* **Timeframe Alignment:** Your "exit" at $0.017000 is a long-term target on a 4D chart. Be prepared for potentially long holding times and significant volatility if you're aiming for such a large move.
**In summary, the most prudent approach is likely Scenario B: take some partial profits now, secure your remaining position with a tight stop-loss (at least at break-even), and consider trailing it down as the price moves in your favor. Reaching $0.017000 from current levels would be a substantial move, requiring careful management.**
* **Asset:** PENGUINSDPERP PERPETUAL MIX CONTRACT (presumably a cryptocurrency perpetual future).
* **Timeframe:** 4D (4-day candles).
* **Your Position:** You are in a short position, and it looks like you are currently in profit, as indicated by "my short with profit."
* **Your Exit/Take Profit:** The blue line marked "SL" (which is typically Stop Loss, but you've indicated it as your "exit") is at approximately $0.017000.
* **Price Action:** The price has recently experienced a significant upward move, currently trading around $0.043089.
* **Moving Averages/Indicators:** There are several lines that appear to be moving averages or similar indicators (green, light blue, dark blue). The fast VWMA is 45, and the slow RMA is 48.
* **Resistance/Supply Zones:** There are red boxes indicating potential resistance or supply zones. One is currently being tested around $0.043-$0.045. Another lower one was previously breached.
* **Support/Demand Zones:** There's a green box indicating a potential support or demand zone around $0.009-$0.010.
**Trading Idea - Managing Your Current Short Position:**
Given that you're already in a short position and in profit, the key is to manage it effectively.
**1. Re-evaluate Your "Exit" (Blue Line at $0.017000):**
* You've stated the blue line at $0.017000 is your "exit." If this is your **Take Profit (TP) target**, it's quite ambitious given the current price of $0.043089. This would imply a very significant drop.
* If this was originally your **Stop Loss (SL)** for a *previous* long trade that you've now flipped to a short, or if it's a stop-loss for *this* short trade but you misspoke, it's very far below the current price and would mean you'd take a huge loss if the price were to rebound from current levels to that point while you're short.
* **Clarification Needed:** Please clarify if the blue line is your Take Profit for the short, or if it's an old stop loss, or something else. For the purpose of this idea, I will assume it's your *intended Take Profit for the short position.*
**2. Adjusting Your Strategy Based on Current Price Action:**
The price is currently challenging a significant resistance zone. This offers a few possibilities for managing your short:
* **Scenario A: Strict Adherence to Original Plan (Risky if $0.017 is TP):**
* If your target is genuinely $0.017000, you are aiming for a massive drop. This is a high-risk, high-reward strategy.
* **Idea:** Hold your short, but **definitely move your stop-loss down to protect your profits.** Do NOT keep your stop loss above the current price if you are short. Place it just above the current resistance zone (e.g., around $0.047000 - $0.050000) to limit potential losses if the price breaks higher.
* **Scenario B: Partial Profit Taking & Trailing Stop Loss (Recommended):**
* Given the significant run-up and the current resistance, it's prudent to secure some profits.
* **Idea:**
1. **Take Partial Profits Now:** Close a portion of your short position (e.g., 25-50%) at the current price levels ($0.043000 - $0.045000). This locks in some profit immediately.
2. **Move Stop Loss (SL) to Break-Even or Above Entry:** For the remaining portion of your short, move your stop-loss to your original entry price (or slightly above it to guarantee some profit, even if the price reverses completely against you). This creates a "risk-free" trade for the remainder of your position.
3. **Set Trailing Stop Loss:** As the price potentially moves lower (in your favor), continuously trail your stop-loss downwards, maintaining a fixed distance (e.g., based on a percentage, ATR, or previous swing highs). This allows you to capture more of the downside while still protecting profits.
4. **Consider Intermediate Take Profit Targets:** Instead of waiting all the way down to $0.017000, consider setting intermediate take-profit targets at key support levels, such as:
* The top of the previous support zone (around $0.012000 - $0.013000).
* The green demand zone (around $0.009000 - $0.010000).
* **Scenario C: Aggressive Short Re-entry/Adding to Short (Higher Risk):**
* If you strongly believe this is a significant top and the price will reverse sharply, you could consider adding to your short position if you see clear bearish confirmation (e.g., rejection from the current resistance, a bearish engulfing candle, or a break below immediate support).
* **Idea:** Wait for a clear bearish reversal pattern on a lower timeframe (e.g., daily or 12-hour) around the current resistance. If it appears, consider adding a small amount to your short. **Crucially, ensure your overall position size remains manageable, and use a tight stop-loss for this additional entry.**
**Important Considerations:**
* **Risk Management:** Always define your maximum acceptable loss per trade.
* **Position Sizing:** Do not over-leverage.
* **Market Context:** What is the broader market sentiment for cryptocurrencies? Are there any fundamental news events that could impact this asset? (The chart itself doesn't provide this, but it's important to consider).
* **Timeframe Alignment:** Your "exit" at $0.017000 is a long-term target on a 4D chart. Be prepared for potentially long holding times and significant volatility if you're aiming for such a large move.
**In summary, the most prudent approach is likely Scenario B: take some partial profits now, secure your remaining position with a tight stop-loss (at least at break-even), and consider trailing it down as the price moves in your favor. Reaching $0.017000 from current levels would be a substantial move, requiring careful management.**
Trade closed manually
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.