Low Risk High Reward set up for DOGE

Hi everyone, I hope you're all doing well.

In this post, I am highlighting a very low risk high reward play on DOGEUSDT. On the weekly timeframe, the price has been tightening since 19th of July. You can potentially argue the $0.1599 price was a double bottom with the $0.1632 low from 21st June. Price has ben tightening for a minimum of 4 months which means volatility in the near future if imminent.

I will be using the $0.194 area as my entry zone with a stop loss at $0.1879 to prevent support zone stop hunts. I like to scale into my entries, so I will have my initial buy at $0.201, then $0.1951 and finally at $0.1891. The 50 weekly simple moving average has also climbed up to $0.20 as an added layer of support. If this region holds, the tightening pattern will break bullish and have tremendous returns with very little downside. Initial take profit will be around $0.28 once the weekly bounce gets going. Depending on the speed of the bounce, the volume influx, DOGEBTC pairing and the crypto market in general, I will consider how much I sell near $0.28 and how much I will be leaving to run up further.

I never risk more than 1% of my capital on a trade. For example, let's say your balance is $10,000, I would only be willing to risk $100. This means my position sizing would be as follows:
- $0.201 - SL at $0.1879 = ~6.6% loss = $750 limit buy = $50 loss
- $0.1951: SL at $0.1879 = ~3.7% loss = $1,000 limit buy = $37 loss
- $0.1891: SL at $0.1879 = ~0.7% loss = $1,500 limit buy = $10 loss

Total loss: ~$97 (not including fees).
Total profit: Depends on how many orders get filled and how much you're willing to sell once the price approaches $0.28 and how much you will leave to run up. If only the first order gets filled and you sell near the $0.2923 weekly resistance, that'll be a toughly 40-45% return = $300 - $350. That's worst case scenario if this trade plays out well. Good luck!