EOS / Tether USD
Long

EOS Double Bottom Reversal

I've started learning trading for about a month and am full-time learning.
I've been reading trading books for the last few weeks and well ... had a few bad trades as well so want to get back into making my next trades by planning more carefully.

I am trying to implement what I've learned and feedback is very much appreciated!

Some key points:

  • EOS reached a supply/demand zone marked in blue, some people may want to re-enter right now
  • A potential double-bottom is forming that may indicate a trend reversal back up (See unsure notes with a question)
  • The overall trendline is also being hit, another indicator that it may go back up if it holds support
  • RSI is at oversold, it may still continue to be oversold and continue to drop but support seems to be strong as indicated by strong volume to hold the support + there's a rejection candle (though the candle is not that strong)
  • Since the rejection candle isn't very strong, there could be a risky entry right now or a safer entry later once double bottom has been confirmed


Things I am unsure of:

* Is a double bottom reversal valid? Technically we're still in the overall uptrend but right now it's a short downtrend
* Is my stop-loss too generous? I based it upon 2x ATR from the risky entry point
* I am not sure where to place the exit for take profit. Should it be at least at 2x the previous move or could it be based on ATR as well?
* Is the safe entry point actually the right moment when it can be considered safe?

OMG my first public idea is out

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