When this breaks upward it's going to be a monster. Expect a gain equal to the flag pole.
Normally, at Target 1, I take profit and reduce my exposure by 50%. Then I adjust my stop to breakeven. At Target 2, I take profit again and reduce my remaining 50% by 50% (in other words 25% of original).
For this trade, however, I'll only be taking 25% out at each target, and I'll be leaving some in for the likely price run up between now and the 28th when those holding NXT coins in a wallet will be air dropped .5 Ignis coins per NXT coin
*This is an update of a previous analysis.
Already up an additional 6%
Morning has broken, like the first morning
Keep in mind this is the 5-minute chart, so plan accordingly and keep a close eye and a firm stop.
The recap of the trade so far:
At .495 I sold 25% of my original order for a 19% profit.
Another bull flag formed, and I entered again when the price broke upward.
Made another 19% and sold at 59.
75% of my initial trade is in NXT. My stop loss has been adjusted to .45
My next target is on a slope that increases over time. If the uptrend resumes today the target will be somewhere in the .67-.69 range. If tomorrow it will be around our final target for this trade .75
Around the 24th-25th (I'll stop trading anyway to spend time with family) I'll transfer all those (essentially free) NXT coins to a wallet and wait until the 28th to get my free Ignis.
However, just after the block that determines the distribution on the 28th, many people will transfer their NXT back to exchanges and sell them. Increased supply with decreased demand (no more Ignis bonuses) is a perfect recipe for a crash.