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Tuesday, May 30, 2023

✴️ Floki Trades At Support, Potential For Reversal +Basics

✴️ Floki Trades At Support, Potential For Reversal +Basics


As I just mentioned in the XRPUSDT trade idea, the basics, the best time to buy is when prices are low/red, when prices are trading near support.

The support level/zone can be used as the stop-loss.
Moving up confirms the reversal.

We are looking at FLOKIUSDT and we can see the current action happening right above the 0.618 Fib. retracement level for the entire bullish wave that started in January 2023, making this a must important level.

Any trading above this level is bullish and can lead to a higher high.
The risk is extremely low, say 3-5%, while the potential for reward goes to 100%+. A great risk reward ratio.

So it is not about "predicting" what the market will do or guessing, when it comes to trading.

It is about finding the right type of setups, charts with low risk and high potential for rewards.

Some will hit, others will fail... That is inevitable, it is part of the game.

But with a well defined plan and the right mentality, we can earn big on the wins and lose small on the loss.

We can look at this chart together with the rest of the market, MATICUSDT is already moving ahead, just as some of the smaller Altcoins have done.

We can also increase or decrease the risk by using stronger/weaker stop-loss.

Everybody is different... It is wise to do your own research and adapt the parameters to meet your own life and trading style.

I am wishing you continued success.


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