DOGE - Possible Trend-Following Setup!

3 בפבר׳ 2021

I don't personally trade this one, but since many members asked about it, here you go...

DOGE has been overall bearish for a while trading below our red trendline but since it is approaching our green supply zone we will be looking for buy setups. But before we buy, we want the buyers to prove that they are taking over again. (you don't want to buy a bearish market right?)

and now DOGE is sitting around our trendline which is still not valid yet, as it only connects two swings, so we will be waiting for a third swing high to form around it to consider it valid. (projection in purple)

and of course, the trigger would be after a momentum candle close above the last swing (gray zone)

Meanwhile, until the buy is activated, DOGE would be overall bearish and can still break the supply zone downward.

For now, as per the current market condition, we are waiting for a new swing high to form around our upper red trendline to consider it our trigger swing, and then and only then, the reversal setup would be ready and confirmed after a momentum candle-close above the last swing high (gray area).

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich