Art of the Chart - TAking Requests!
Plus, a new trade thesis (ENJUSD)
Heya all,
Hope you had a great week, and that some of my info was actionable for you.
It looks as though we *may* pull out of the slump here, as we have some fairly attractive price action shaping up on multiple pairs. Chiefly in my sight is ENJUSD - I entered on a small Double-Bottom I spotted within the pullback a few days ago; I took it as a risky low-R trade, to the upper boundary. Now we’ve basically got full confirmation, we’re at that upper boundary, and as it currently stands, this is a trade I’d take all day long. I am scaling in further here.
As you can see, we never got the more desirable higher-timeframe Double-Bottom which would have formed around the 2nd green arrow (I was looking for an equivalent low to the first), but we instead got an Inside-Structure Correction which is a tight corrective price action crawling along the inner boundary of a pattern. The overall pattern being a massively large Bull Flag, this should break long. Now, a tiny Bull Flag has formed scraping the literal boundary line to signal to us that it’s time for the break, and that being all but complete, this will very likely move through the upper boundary any hour now. I left my drawing on the chart from my last episode, so you could see how it shaped up vs. what we had discussed.
Other than that, toss your requests for next week’s episode in the comments below :}
Cheers!
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Interesting, I've been looking at ENJ lately too, may have to move some more assets.
Thanks Chris. Its good to see ENJ recovering again after its sudden rise and subesquent fall. Technicals aside, it the platform has some good partnerships so should be popular. I'm interested in hearing your analysis of one of the coins ie BCH or DASH