DSHUSD: Time to Fix Profit
Dash / Dollar BITFINEX:DSHUSD
The price made a huge upward movement just within 2 days. If you bought the coin using the breakout signals above the downtrend line and SMA100, you are in a good profit now. You should have a plan how to manage your trades. If yes, you must follow it.
For those, you have profitable trades without any ideas about how to manage them, and for those who missed buy opportunities, this post can be interesting.
The price reached the resistance zone at 140.00 level. You can look at the past performance at this level, and you will see that the price can bounce from it. If so, the profitable long trades must be managed at this zone. There are two possible variants:
fix the whole profit
fix the part of profit and leave the rest of trade volume in the long run.
Which variant to pick, it will depend on your trading style.
If you missed buy signals in the right zone, opening long positions now will be a huge mistake. The market is overbought, and it is in the resistance zone . RSI is going to confirm the price reversal. We should be ready to see a correction movement and buy after that following reversal signals. These reversal signals will come when the price bounces from SMA200 for example, or the round number level like 100.00. Just following this plan, it will be possible to join the uptrend after a correction and catch a new impulse wave in the right place and time.
So, this is my plan for Dashcoin, and what about yours? Share your ideas in comments!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Source: TW DLavrov