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Trade Recommendation: Stellar

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The Stellar/Bitcoin pair (XLM/BTC) ignited its bull run on December 29, 2017 when it took out resistance of 0.00002. With a good base between 0.000007 – 0.00002, the market soared to 0.00006789 on January 3, 2018. In less than a week, the XLM/BTC grew by almost 240%! Those who bought the breakout were ecstatic to take profits.

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As breakout players locked in their gains, the market fell to as low as 0.00003025 on January 16. Bulls bought the dip, but the rally they inspired was good for a lower high of 0.00005827 on January 26.

The bearish price action was a sign for many participants to either take profits or cut their losses. The pair responded by generating a series of lower highs and lower lows until it bottomed out at 0.000021 on March 29. XLM/BTC has been rallying since, and it appears poised to end the correction.

Technical analysis show that Stellar/Bitcoin is creating a good base between 0.00002 and 0.000037. On April 15, it went as high as 0.0000366 with above average volume. This could be an indication that bulls are preparing for a push to breach resistance of 0.000037.

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To complete the breakout, the pair must print above 120 million Stellar units in volume. Those who bought the bottom are very likely to take profits at the resistance. XLM/BTC needs buyers to absorb the dumped positions.

The strategy is to buy the breakout at 0.000037 after the prescribed volume is met. If bulls complete the breakout, volatility is likely to increase. This would help the pair to reach our target of 0.000048 in less than a month.  

Daily Chart of XLM/BTC on Binance

As of this writing, the Stellar/Bitcoin pair is trading at 0.0000351 on Binance.

Summary of Strategy

Buy: Breakout at 0.000037 with 120 million Stellar volume.

Target: 0.000048

Stop: 0.000035 after the breakout.

 

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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3.6 stars on average, based on 145 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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3 Comments

3 Comments

  1. trader4ext

    April 18, 2018 at 5:46 pm

    Thanks a lot for this GREAT recommendation!
    It would be awesome, as asked in the TNT recommendation comments, if you could point us into the right direction about how to figure out the “current” volume of a coin you refer to in your articles. Thank you!

  2. Kiril Nikolaev

    April 18, 2018 at 5:52 pm

    The easiest way is to go to TradingView.com and enter the trading pair (in this example: XLMBTC) and look at the volume in the top left corner as you hover over the chart

    • trader4ext

      April 19, 2018 at 6:41 pm

      Thanks a lot! *blush* never thought it was that easy.

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Trade Recommendation: NEM

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This trade recommendation is setting up quickly and requires prompt attention

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The overall market has a nice uptrend and there is key support with the Daily Pivot Range for today’s session. In addition, the Daily Pivot Moving Averages are turned up in parallel.

The 3 Day and 6 Day Rolling Pivot Range as well as the Weekly Pivot Range and Monthly Pivot Range are set below the current price which is also very supportive.

The action to take is to place a buy order to enter the market long if the market trades at or above the ‘A’ up line for 15 consecutive minutes or longer. This will confirm the market wants to move higher. Use your short term or 1-5 minute charts to verify the time requirement. Place the stop loss at the Opening Range low.

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This is a good risk reward ratio within a high probability setup with a lot of support.

Entry Price: 0.00004710
Stop Loss: 0.00004630
Profit Targets: First profit target 0.00004875. Second profit target 0.00004970. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 0.00000050 points behind until second profit target is reached or stopped out.

Disclaimer: The writer owns 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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3.8 stars on average, based on 41 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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Recommendations

Trade Recommendation: Stellar

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This trade recommendation is setting up quickly and requires prompt attention

// -- Discuss and ask questions in our community on Workplace.

The overall market has a nice uptrend and there is key support with the Daily Pivot Range for today’s session. In addition, the Daily Pivot Moving Averages are turned up in parallel.

The 3 Day and 6 Day Rolling Pivot Range as well as the Weekly Pivot Range and Monthly Pivot Range are set below the current price which is also very supportive.

The action to take is to place a buy order to enter the market long if the market trades at or above the ‘A’ up line for 15 consecutive minutes or longer. This will confirm the market wants to move higher. Use your short term or 1-5 minute charts to verify the time requirement. Place the stop loss at the Opening Range low.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

This is a good risk reward ratio within a high probability setup with a lot of support.

Entry Price: 0.396500
Stop Loss: 0.36500
Profit Targets: First profit target 0.487500. Second profit target 0.582100. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 0.025000 points behind until second profit target is reached or stopped out.

Disclaimer: The writer owns 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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2 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 5 (2 votes, average: 5.00 out of 5)
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3.8 stars on average, based on 41 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: EUR/ZAR

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The Euro/South African Rand pair (EUR/ZAR) launched its uptrend in July 2013 when it breached resistance of 13. With a solid base between 8.70 – 13.00, the market soared to as high as 18.91174 in January 2016. In two and half years, the Euro grew by over 45% against the South African Rand. Those who bought the breakout and followed the trend started to take profits. After all, 18 was the target of the rounding bottom reversal pattern on the monthly chart that was triggered when the pair took out resistance of 13.

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Faced with heavy selling pressure, EUR/ZAR fell to 13.37818 in March 2017. The higher low inspired a rally that lifted the market to 17.06768 in November 2017. Unfortunately for buyers at that level, the pair could no longer sustain its ascent. It then resumed its drop but interestingly, it appears to be carving another higher low.

Technical analysis reveal that the EUR/ZAR pair is creating a large symmetrical triangle pattern on the monthly chart. This comes after the market generated another higher low of 14.17454 in February 2018. As long as the pair respects the trendline, it has a very good chance of breaking out of the continuation pattern and mount a significant rally.

The strategy is to buy as close to 14.35 as possible. If bulls continue to move according to the trendline, the market will likely contract before exploding upward to our target of 20.00. The process may take more than a year.

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Monthly Chart of EUR/ZAR on OANDA

As of this writing, the EUR/ZAR pair is trading at 14.78268 on OANDA.

Summary of Strategy

Buy: As close to 14.35 as possible.

Target: 20

Stop: 14.17454

 

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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3.6 stars on average, based on 145 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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