Key to these trades is to use a small amount of your account in each one. Don't load the boat on one of these. Look for places that price and reversed in the past for horizontal support levels. Trend line touches and lower bollinger bands touches are also ways I judge support. The more of these that line up at the same time, the more confidence I have to place larger size bids. I always scale in on these trades. These trades can last for a long time before profit targets are hit so you have to be patient.
Bid Levels: Current Price-40 Sat 32 Sat 24 15
Once all of my bids are filled, or the downtrend is broken I will begin to set my targets and place sell orders. Typically I look for 100% gains for the first target on these smaller, more volatile coins. After that I place targets at resistance levels and/or 200%, 400% etc. Very similar to Brian Beamish though I am not a big user of Fibs.
buying cheap is always good if there is any chance it will happen at all. But why do you expect more downtrend from here? the green trend may be the bottom. The drop earlier this year was a special thing only preceeding the big crypto bubble. Historically doge is one of those that may rise when bitcoin ethereum and litecoin bubbles burst, then Doge may also rise. Measured in BTC at least (not USD)