OMG' is another alt-coin that is setting up for a nice DAY TRADE here as well as a good opportunity to grab some for the long term! That red line shown on the 2 hour chart is about as stable as it gets. It has slowly been forming more extended triangle patterns which in itself does not constitute a trade, but the trend leading into the current one definitely setups up a nice trade idea.
Note in the upper right hand chart I actually have drawn 2 consolidation boxes and the uppper leg of the triangle. To me this is a great opportunity to trade. We are at the lower end of the consolidation box and you can see that breakouts have been meet with resistance creating the famous pullback which crushes traders that do not recognize these patterns. None of them have retested the top of the channel and continued higher. But this formation provides a less risky trade then most.
I entered here @$7.65 off the rebound of the lower channel, and the RSI bottoming and sloping to the upside. Again my target level would be the top of the smaller channel where the triangle and smaller consolidation box meet. My second target level would be the top of the larger consolidation box where the first two impulse trades happen off the bottom channel.
Anyways again this is a trade that MUST be monitored and not on autodrive. But that line in the sand provides a great deal of security as in my opinion OMG' has fully corrected and looking to go up from here. So if you are new, use a very very very small portion of your trading monies to develop your strategy. Early on in Sept I was using very small portions to test strategies, and you need to come up with your own as well.
I have mentioned numerous times that this is most likely a market rotation. BTC' may be acting as treasury bonds or gold in market corrections as why the rest of the market corrected it still ran up. But note on the left chart how OMG' formed the rare extended top. Look similar to the current BTC' chart? Well to me it does. So we could see a rotation out of BTC' into some of the more blue chip altcoins, and today I am going through all of my core holdings and looking to add and also trade. Please note profits from my trades will go right into the core holdings themselves, as I did with the LTC' trade we posted about over a month ago.
This is trading around your core position. For many of you new to investing and trading this is where being patient and not forcing trades has put us in a great position cash wise to now take advantage of the market and moreover those that were impulsive trying to trade the middle of a correction.
As many coins are forming rounded bottoms BTC' is forming a rounded top. Money may be flowing into the alt-coin market and today we may have an opportunity to trade them.
INVESTORS:
As an investor we may not get many more opportunities to buy at this level, so I am also adding another block to the long term portfolio.
Note in the upper right hand chart I actually have drawn 2 consolidation boxes and the uppper leg of the triangle. To me this is a great opportunity to trade. We are at the lower end of the consolidation box and you can see that breakouts have been meet with resistance creating the famous pullback which crushes traders that do not recognize these patterns. None of them have retested the top of the channel and continued higher. But this formation provides a less risky trade then most.
I entered here @$7.65 off the rebound of the lower channel, and the RSI bottoming and sloping to the upside. Again my target level would be the top of the smaller channel where the triangle and smaller consolidation box meet. My second target level would be the top of the larger consolidation box where the first two impulse trades happen off the bottom channel.
Anyways again this is a trade that MUST be monitored and not on autodrive. But that line in the sand provides a great deal of security as in my opinion OMG' has fully corrected and looking to go up from here. So if you are new, use a very very very small portion of your trading monies to develop your strategy. Early on in Sept I was using very small portions to test strategies, and you need to come up with your own as well.
I have mentioned numerous times that this is most likely a market rotation. BTC' may be acting as treasury bonds or gold in market corrections as why the rest of the market corrected it still ran up. But note on the left chart how OMG' formed the rare extended top. Look similar to the current BTC' chart? Well to me it does. So we could see a rotation out of BTC' into some of the more blue chip altcoins, and today I am going through all of my core holdings and looking to add and also trade. Please note profits from my trades will go right into the core holdings themselves, as I did with the LTC' trade we posted about over a month ago.
This is trading around your core position. For many of you new to investing and trading this is where being patient and not forcing trades has put us in a great position cash wise to now take advantage of the market and moreover those that were impulsive trying to trade the middle of a correction.
As many coins are forming rounded bottoms BTC' is forming a rounded top. Money may be flowing into the alt-coin market and today we may have an opportunity to trade them.
INVESTORS:
As an investor we may not get many more opportunities to buy at this level, so I am also adding another block to the long term portfolio.
