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Trade Recommendation: Monero

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This trading idea is based on a possible price reversal from the support level. RSI is at the oversold zone and it confirms the price reversal. MACD histogram supports upward movement. We should be ready to entry the market if it moves higher. Pending orders for buy can be placed at 331.00 level with stop orders at 285.00 level. Profit targets are 400.00 and 480.00 resistance levels. Based on the daily chart, the market has free space below the current price for further downward movement. Use stop orders and small trade volume. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: XMRUSDT
Buy: 331.00
Stop: 285.00
Profit Targets: 400.00 and 480.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Monero.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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5 Comments

5 Comments

  1. ggonzaga

    December 31, 2017 at 4:04 pm

    So the stop order at 285.00 USD means that the order will only start when the price of XMR/USDT goes down to 285.00, and will buy in when it goes back up to 331.00 USD?

  2. spacemanG

    December 31, 2017 at 5:47 pm

    no the stop protects you agains losses – put a limit orderer on for 331 – then a stop on 285 once the but kicks in on 331 – then cash out once you hit the profit target

  3. tk24a

    January 1, 2018 at 5:43 pm

    Same thing.
    Google “stop loss order” and you will gain an understanding of what’s happening.
    (No point someone giving you specific instructions to do something that you have no understanding of).

    Cheers,
    T

    • ggonzaga

      January 1, 2018 at 8:24 pm

      Thanks for the reply. I did some digging.
      So basically in this case, you buy at 331.00 and then hope to go all the way to the profit targets. But the stop loss order is set at 285.00 so that if the price goes down instead of up, the coin will be put on a sell order when it hits 285.00 USD to sell on the next available price (is this accurate or does it only apply to stocks?). However, a stop-limit order, unlike a stop-loss order, would open a sell order at 285.00 but only sell at a specified number that the coin has to hit after reaching the 285.00. I understand now. So the stop in this trade recommendation pretty much states that the risk of the price dropping instead of increasing is there, and it’s better off to lose 14% of your investment (if my math is right) by placing a stop-loss order at 285.00 than for it to drop way below the stop. Is this correct?

      Also, can’t a stop-loss order be used in other scenarios?
      For example:
      1. If I want to buy XMR when it hits 331.00 and it’s below that, can’t I just place a stop-limit order to open a buy order at 330.00 and the limit at 331.00?
      2. If I want to cash out my XMR when it hits 400.00 and it’s above the 331.00 that I hypothetically purchased it at, can’t I just place a stop-limit order to open a sell order at 399.00 and the limit at 400.00 which is the profit target?

      Or would those two scenarios be what you would just use a limit order for, which from my understanding is an order to buy/sell at a certain price? In that case, what’s the benefit of a stop-limit order to protect you from losses if you can just place a limit order to sell at 285.00?

      Thanks
      Happy New Year!

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Trade Recommendation: Ethereum Classic

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The daily chart gives us a bullish signal. If we look at the 4H chart, we can see a fail attempt to break SMA100 and the strong resistance level. The market formed a new swing high which can be used for placing pending orders for buy. If the price can move above this level, we’ll get a trend reversal signal and a new buy opportunity. Long trades will be opened in the same direction as the main movement on the higher time frame. Entry level is 0.035300 with stop orders at 0.029500 level. Profit targets are 0.042000 for short term and 0.050000 for long term trades. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

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Market: ETCETH
Buy: 0.035300
Stop: 0.029500
Profit Targets: 0.042000 and 0.050000

The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Ethereum Classic.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Trade Recommendation: Monaco

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The market tried to pass through the cloud and confirm the trend reversal. Now we have a retracement to the uptrend line. The market formed a new swing high which can be used for placing pending orders for buy. If the price breaks this level, it will be a confirmation that the market is going to start a new uptrend. DMI confirms trend market conditions and the power of bulls. It’s a good buy opportunity. Entry level is 0.001400 with stop orders below the previous swing low at 0.000900 level. The profit target for short term trading is 0.002000 resistance level. The profit target for long term trading is 0.005600 resistance level. It’s also possible to leave the part of trade volume for long run. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

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Market: MCOBTC
Buy: 0.001400
Stop: 0.000900
Profit Targets: 0.002000 and 0.005600

The trading signal is based on Bittrex chart.
Disclaimer: The analyst does not have investments in Monaco.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Trade Recommendation: Gnosis

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Gnosis became extremely bearish on July 19, 2017. This is when the Gnosis/Bitcoin pair nosedived to 0.08362427 from a high of 0.16094199 generated on June 30. That’s a 44.6% loss in value in less than three weeks. The pair continued to drop until it found support at 0.0085 on November 2. The accumulation period was disturbed when the market suddenly broke that support level on December 7 and plunged to 0.0065. However, it was a false breakdown, and the market quickly recovered to 0.0085.

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The false breakdown, known as the Spring pattern, is bullish. As market participants coughed up their positions, the number of sellers in the market was significantly decreased. This enabled the pair to breach resistance at 0.022 in less than a month.

Technical analysis show that the market has successfully broken out of a bullish reversal pattern, but it is currently pulling back. This slight dip is healthy as new buyers come in to absorb positions sold by participants who bought around 0.0085. More importantly, this is a good opportunity for you to come in and ride the uptrend in its infancy.

The strategy is to buy as close to 0.022 as possible. The market must turn this level into firm support so it can reach our target of 0.038.

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Daily Chart of Gnosis/Bitcoin on Poloniex

As of this writing, the Gnosis/Bitcoin pair is trading at 0.02384999 on Poloniex.

 

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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