Greetings Everyone,
Today, we are diving into the ticker symbol
COIN, representing Coinbase.
For this analysis, I’ve charted the Euro ticker for Coinbase (1COIN), which mirrors the same price action.
Quick Facts About Coinbase:
• Coinbase is an online trading platform where users can buy and sell cryptocurrencies, often referred to as “coins” or “altcoins.”
• The stock is heavily influenced by the cryptocurrency market. Historically, during Bitcoin bull markets, Coinbase’s price has shown a tendency to surge.
Trading Plan Setup
There is two sides to a Coin 🪙.
Similarly this pennant setup has two possible outcomes. I have charted the zones where I would expect price to break above or reject in order to continue in its path.
Point 1: Optimal Entry
We are currently underneath that major resistance price level. If you were to go long here with a close stop loss & aim for the primary zone / green line - In the event that price does continue higher you would have the best entry & area to take more risk.
However, Is this the most optimal way to trade a pennant? Not at all.
The recommended setup is a break above the green line (peak) potentially a hold and then continuation higher.
It begs the question what rules do professional traders follow in this scenario? Are you using option strategies like Long Straddle, Long Strangle or Iron Condor?
I would love to know please drop a comment below.
Point 2: Consolidation
Price is consolidating this can continue for days or another week? Monitor price action with alerts one higher one lower.
Point 3: Breakout without Volume
A breakout without volume confirmation is doomed to fail. Be careful of this scenario.
Second subject:
In my previous post, I have created a quick survey - please feel free to complete it so that I can provide relevant information to you.
Best,
C - Lemard
Today, we are diving into the ticker symbol
COIN, representing Coinbase.For this analysis, I’ve charted the Euro ticker for Coinbase (
1COIN), which mirrors the same price action.Quick Facts About Coinbase:
• Coinbase is an online trading platform where users can buy and sell cryptocurrencies, often referred to as “coins” or “altcoins.”
• The stock is heavily influenced by the cryptocurrency market. Historically, during Bitcoin bull markets, Coinbase’s price has shown a tendency to surge.
Trading Plan Setup
There is two sides to a Coin 🪙.
Similarly this pennant setup has two possible outcomes. I have charted the zones where I would expect price to break above or reject in order to continue in its path.
Point 1: Optimal Entry
We are currently underneath that major resistance price level. If you were to go long here with a close stop loss & aim for the primary zone / green line - In the event that price does continue higher you would have the best entry & area to take more risk.
However, Is this the most optimal way to trade a pennant? Not at all.
The recommended setup is a break above the green line (peak) potentially a hold and then continuation higher.
It begs the question what rules do professional traders follow in this scenario? Are you using option strategies like Long Straddle, Long Strangle or Iron Condor?
I would love to know please drop a comment below.
Point 2: Consolidation
Price is consolidating this can continue for days or another week? Monitor price action with alerts one higher one lower.
Point 3: Breakout without Volume
A breakout without volume confirmation is doomed to fail. Be careful of this scenario.
Second subject:
In my previous post, I have created a quick survey - please feel free to complete it so that I can provide relevant information to you.
Best,
C - Lemard
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