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Trade Recommendation: Stellar

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This trade recommendation is setting up quickly and requires prompt attention

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The bias remains to the upside for the short term with the price trading above the Daily Pivot Range (blue dots). The key level of the 3 Day Rolling Pivot Range low (RPR, green and yellow dots) was breached with a strong move up. This suggests there is more room to the upside with the bias shifting to bullish.

With a current retracement underway, this offers an opportunity to get long. The price is close to a test of the RPR which is a healthy pullback. We are also above the ‘A’ up line which gives a buy signal according to our rules of entry of specific amount of time trading above this level.

The Daily Pivot Moving Averages are flat so they are neutral for the moment.

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The action to take is to place a buy order to enter in the buy zone on the chart. Place the stop loss at the Opening Range low and the profit targets stated below.

Note: If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade.

Entry Price: .00004740
Stop Loss: .00004300
Profit Targets: First profit target .00005119 /  second profit target .00005315. Once the market reaches the first profit target bring the stop loss to breakeven (entry level); then manage the trade further by using a trailing a stop loss 150-200 points behind as the market runs higher.

Disclaimer: The writer owns Stellar, 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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4 stars on average, based on 56 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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Trade Recommendation: CAD/PHP

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The Canadian Dollar/Philippine Peso (CAD/PHP) pair started to look bearish when it generated a lower high of 45.595 in April 2011. The downtrend was confirmed in October 2012 when the pair broke support of 42. This activated the double top reversal pattern on the monthly chart.

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The reversal triggered a selling frenzy that saw the market plummet to as low as 32.625 in January 2016. In about five years, the Canadian Dollar lost over 28% against the Philippine Peso.

At this price level, the pair was flashing reversal signals. A bullish divergence on the RSI can be spotted on the monthly chart. In addition, the monthly candle was a long hammer. This indicates the presence of bulls below 34. These signals attracted bottom fishers to enter the market. Their buying activity ignited a rally that pushed the pair to 42.222 in September 2017.

Interestingly, 42.20 is the 61.8% Fibonacci level. This indicates that this level is a firm resistance. As a result, the rally was met with a strong pullback that sent CAD/PHP down to 38.979 in December 2017. Bulls responded by making 38.979 a higher low. The setup gives us reason to expect that the pair is about to turn bullish soon.

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Technical analysis show that the Canadian Dollar/Philippine Peso pair is positioning to take out the 61.8% Fibonacci level as seen on two emerging patterns. The first one is the inverse head and shoulders pattern on the monthly chart. The second is the symmetrical triangle pattern on the monthly chart. Both reversal structures are conspiring to breach 42.20.

The strategy is to bottom pick the market and buy as close to 40 as possible to maximize returns and minimize risk. As long as the pair stays above 40, it has all the momentum it needs to take out 42.20 and climb to our target of 48.

The process may take more than six months.

Monthly Chart of CAD/PHP

As of this writing, the Canadian Dollar/Philippine Peso pair is trading at 40.557.

Summary of Strategy

Buy: Buy as close to 40 as possible.

Target: 48

Stop: 38.979

 

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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3.7 stars on average, based on 168 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Trade Recommendation: Zcash

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This trade recommendation is setting up quickly and requires prompt attention.

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The ZECUSDT coin price has tested the 3 Day Rolling Pivot Range and held support there. With a clear reversal Hammer candle in place the price could see a strong reversal move. The Daily Pivot Range low is current near term resistance.

This is a good risk reward ratio buy trade. The longer term supports of the Weekly and Monthly Pivot Range set below the current price is a solid sign of upward bias. Additionally,  the Daily Pivot Moving Averages remain turned up which demonstrates continued upward bias.

The action to take is to buy at just above the Daily Pivot Range low on a breakout of this resistance level.  Place your stop loss and profit targets stated below.

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Entry Price: 349.50
Stop Loss: 336.50
Profit Targets: First profit target 377.00. Second profit target 390.00. Once price hits first profit target raise the stop loss to breakeven.

Disclaimer: The writer owns Ripple, Litecoin, 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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4 stars on average, based on 56 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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Trade Recommendation: aelf

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The Aelf/Bitcoin pair (ELF/BTC) has been trapped in a wide range between 0.000056 to 0.00022 since December 22, 2017. For about a month and a half, market participants accumulated positions as seen on the daily average Aelf volume of 30 – 40 million units. By February 6, 2018, volume began to exponentially decline. This suggests that early adopters are done accumulating positions.

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All of a sudden, the market came back to life on April 12 when volume spiked to over 75 million Aelf units. The surge was a signal that the pair was in the latter stages of base building. True enough, ELF/BTC rallied to as high as 0.000238 before bottom pickers began to take profits.

The market has been correcting since. However, it appears the ELF/BTC is also preparing to mount another rally.

Technical analysis show that Aelf/Bitcoin is positioning make another run at 0.00022. This comes after the market respected the 50% Fibonacci level on May 18. In addition, a hidden bullish divergence can be spotted on the RSI. These indicators tell us that the pair is generating a bullish higher low setup.

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The strategy is to buy as close to 0.00016 as possible. If bulls can stay above this level, they will attract more bottom pickers who can help lift the market to our target of 0.00022.

The process can take less than a month.

Daily Chart of ELF/BTC on Binance

As of this writing, the Aelf/Bitcoin pair is trading at 0.00016026 on Binance.

Summary of Strategy

Buy: Current price of 0.00016026.

Target: 0.00022

Stop: 0.000155

 

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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3.7 stars on average, based on 168 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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