Stellar XLM: wait for correction before buying
XLM/Stellar is showing a nice uptrend from the bottom.
But I wouldn't buy here as I'm expecting a correction after hitting (3) in the blue target zone.
Short term traders should wait for a pullback to 4 (exact area of bouncing can be determined later) for a next ride to the next blue target zone.
Exact target (5) can be determined once leg 4 has been finished.
Targets are determined with Fibonacci extensions.
Happy trading!
But I wouldn't buy here as I'm expecting a correction after hitting (3) in the blue target zone.
Short term traders should wait for a pullback to 4 (exact area of bouncing can be determined later) for a next ride to the next blue target zone.
Exact target (5) can be determined once leg 4 has been finished.
Targets are determined with Fibonacci extensions.
Happy trading!
Commento:
Retraced to the trendline as expected. Lets see if it can make the upmove to 5.
I adjusted 4+5 a bit as i didn't expect such a fast retrace.
I'm a bit worried about the current pattern on smaller timeframe which might be a bearflag alongside the blue trendline. So I'll give to 2 possibilities as update.
Don't forget: this first 5 legs up are just the first steps in a much bigger move!
Trade what you see, not what you think!
I adjusted 4+5 a bit as i didn't expect such a fast retrace.
I'm a bit worried about the current pattern on smaller timeframe which might be a bearflag alongside the blue trendline. So I'll give to 2 possibilities as update.
Don't forget: this first 5 legs up are just the first steps in a much bigger move!
Trade what you see, not what you think!
Commento:
So, 2nd chart it is....
Watch price action at the trendline if it goes further down or up again.
Fibonacci show me possible towards 650 but we'll let the market decide
Watch price action at the trendline if it goes further down or up again.
Fibonacci show me possible towards 650 but we'll let the market decide
Commento:
Price found support and is on its way back up to 5.
Which is just the first target ;-)
Targets calculated with fibonacci extensions.
Which is just the first target ;-)
Targets calculated with fibonacci extensions.
Commento:
Stellar surprised me and made a bigger pullback.
lets see if Fibonacci gives some support here
lets see if Fibonacci gives some support here
Commento:
And the downmove continues, although this could be an area for a breakout upwards.
Commento:
Expecting this move
Commento:
It made exactly the move I expected.
Watch priceaction at the trendline, should bounce and break out but wait for strong green candle
Watch priceaction at the trendline, should bounce and break out but wait for strong green candle
Commento:
Correction is going deeper..... Updated chart:
My bet is 745sat....but "trade what you see, not what you think"