BITFINEX:XMRUSD   Monero / Dollar
XMRUSD Great Buy set up forming

On the daily chart XMRUSD has Rallied strongly for Nov to Mid Jan. Its then pulled back to its 200 EMA (The Green Line) and bounces back to trend. It has made solid progress up again and has just broken through its 50 EMA (The Red Line) and the 284.44 Horizontal level. It is now Retesting the 50EMA, and level from above. This is a great place to look to buy.

While trend and region is decided on the Daily Chart , our opportunity is setting up on the 4H chart. Price has recently broken the 200 EMA (The Green Line) and has just retested from above. On the 4H Chart we have the bonus of a Buying bar forming we can use for entry. To confirm the entry the buying bar needs to close above the 284.44 level. This will ensure its decisive and we have no immediate resistance level in the way.

If so we will buy above the bar.

4H Entry 287.38
Stop Loss 274.62
Target 1 300.78, 339.65, 392.87 (The Red Lines)

If you are going to make dollars your decisions need to make sense. Make sure you wait for a bar that closes above 284.44 to set up your entry.

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評論: As you can see on this trade our buying bar didn't close above the 284.4 (black line) and therefore there was immediate resistance as predicted.

This is why patience is the key if the chart doesn't show an entry level we don't enter until a opportunity arrives again for an entry.
交易進行: We have now had 2 bars close above our level, and if you entered on either of them and put your stop loss below them i would expect you to have some profits already. We are currently at the top of bodies of the bars that made the last high, and they are causing some resistance.
If you are concerned the resistance may hold and push us back towards the support level then bank a little profit here.
If you feel it will break through then wait. If it breaks we should see some acceleration and target 1 very soon.
I am going to take the second option, but taking profits is a very personal thing and fully support those that want to bank now
評論: We should be banking profits around here if we didn't do so earlier. Its important to keep putting money in the bank when we get it right because the market always takes our money when we get it wrong. Keep banking, keep smiling and keep following (and liking) the trades. There is no Poopy here
交易進行: Target 1 achieved congratulations traders. Lets move onto target 2.
評論: remembers your in profit always move your stop loss up higher so you can relax and earn more.

The trade is looking good.
評論: Trade moving very nice everyone is in good profits remember keep your stop loss tight while we are moving to the next target.
交易進行: WE have seen price push up, and a small consolidation/Pullback. It looks like we maybe seeing the next leg up starting. Target 1 banked and looking to get to target 2 in the next couple of days.
Followers I appreciate all of your support.

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Thank you I'm not in any of ur chart yet but I appreciate ur manner thank you very much
I think I already know where I am going to exit on this one :)

Tope Tope
@Tope, It is also Elliot Wave porn.
Hey Dollarsandsenses, thanks for the awesome analysis. May I ask, how do you know whether it close or not above the targeted level, are we looking at a 4 hour bar?Thanks heaps
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