NEO - Trade Closed - 18% in 5 Days - Looking for Re-Entry
Overview:
Since our 117.35 buy 5 days ago and we are up almost 18%, and starting to getting an EARLY signal of a bearish reversal after hitting the upper limit of our first target level. Though we are not selling at the top we are definitely in the money and never a bad time to take money off the table so we have closed out the position. Keep in mind that NEO is part of our core portfolio so we still have exposure if the rally continues to the next resistance level.
Technical:
The candle stick formation with 3 days of long wicks testing and the current candle failing to test the upper limit of our first target level provides some insight that selling is starting to exhaust here as traders take profits and or reduce risk. In the broader perspective the chart is still very bullish and we are looking for levels of re-entry for the next leg up. I am looking for a bullish reversal in the 122.58-131.35 area or the 0.618-0.382 retrace of the bullish swing.
Summary: I considered keeping all the profits in NEO but decided to add half the profits to my core position. This is up to the individual but my goal in trading this coin is to add to my core position. Looking at the overall market conditions I decided to take some profits in cash as well. Long term this is one of the coins I consider will outperform the market overall and the 70/30 portfolio strategy insures that I am vested in the event we turn and target 155.
Since our 117.35 buy 5 days ago and we are up almost 18%, and starting to getting an EARLY signal of a bearish reversal after hitting the upper limit of our first target level. Though we are not selling at the top we are definitely in the money and never a bad time to take money off the table so we have closed out the position. Keep in mind that NEO is part of our core portfolio so we still have exposure if the rally continues to the next resistance level.
Technical:
The candle stick formation with 3 days of long wicks testing and the current candle failing to test the upper limit of our first target level provides some insight that selling is starting to exhaust here as traders take profits and or reduce risk. In the broader perspective the chart is still very bullish and we are looking for levels of re-entry for the next leg up. I am looking for a bullish reversal in the 122.58-131.35 area or the 0.618-0.382 retrace of the bullish swing.
Summary: I considered keeping all the profits in NEO but decided to add half the profits to my core position. This is up to the individual but my goal in trading this coin is to add to my core position. Looking at the overall market conditions I decided to take some profits in cash as well. Long term this is one of the coins I consider will outperform the market overall and the 70/30 portfolio strategy insures that I am vested in the event we turn and target 155.
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