Dear Trading Log,
If we start on the 21st we can see a bullish wedge in blue and we broke up. The difference between the high and the low of that blue wedge is -18.8%. we consolidated over the course of two days and then moved up impulsively again first hitting a target just about $.55; The blue bar for the measured move is a little difficult to see but it’s there. After consolidating at $.55 for several hours we moved impulsively again up to .785 cents. We retraced 28% to .563.
One of my strategies on retraces is to draw fibs and see if/when the price action breaks above the .5 or higher. In this case we hit .786. Given the likelihood that Polish wedges break up, the spark airdrop, and information in previous posts I believe the next stop is going to be at the 1.618, or 92 cents. These poor backs are getting bigger, hopefully that trend is over.
Current plan is to stop adding to my position at $.80 take & and take profit @ .92. If the price moves convincingly above $.85 I will trail up my Stop-loss to 85 and delete my take profit.
If we start on the 21st we can see a bullish wedge in blue and we broke up. The difference between the high and the low of that blue wedge is -18.8%. we consolidated over the course of two days and then moved up impulsively again first hitting a target just about $.55; The blue bar for the measured move is a little difficult to see but it’s there. After consolidating at $.55 for several hours we moved impulsively again up to .785 cents. We retraced 28% to .563.
One of my strategies on retraces is to draw fibs and see if/when the price action breaks above the .5 or higher. In this case we hit .786. Given the likelihood that Polish wedges break up, the spark airdrop, and information in previous posts I believe the next stop is going to be at the 1.618, or 92 cents. These poor backs are getting bigger, hopefully that trend is over.
Current plan is to stop adding to my position at $.80 take & and take profit @ .92. If the price moves convincingly above $.85 I will trail up my Stop-loss to 85 and delete my take profit.
