For my last position today, I opened a long trade on BNB. After the price touched and reacted to the daily ascending trendline, I set my entry trigger above the first 1H resistance at 856. Similar to other coins, the V-patternthat formed before the breakout gave me additional confidence in the bullish move.
Once the strong 1H candle closed above resistance, I placed a buy stop order above its wick at 858.7 for extra confirmation, which eventually triggered my entry.
I must admit, this trade was a bit emotional — it would have been better to wait for a confirmed medium wave cycle bullish structure before entering. On top of that, the BNB/BTC chart doesn’t look very bullish, which suggests I might have found a better setup on other coins. The main reason I rushed was the opportunity to use relatively high leverage on this setup.
📌 Stop-Loss Strategy
The main strength of this trade is the well-positioned stop-loss. Even if price decides to retest the broken descending trendline with a pullback, my stop would not be triggered prematurely.
⚠️ Overall, this is a risky position that is currently open. If I notice weakening bullish signals, I’ll likely exit early.
BNBUSDT Highwave-Cycle on 4H Timeframe:
BNB/BTC Chart:
Once the strong 1H candle closed above resistance, I placed a buy stop order above its wick at 858.7 for extra confirmation, which eventually triggered my entry.
I must admit, this trade was a bit emotional — it would have been better to wait for a confirmed medium wave cycle bullish structure before entering. On top of that, the BNB/BTC chart doesn’t look very bullish, which suggests I might have found a better setup on other coins. The main reason I rushed was the opportunity to use relatively high leverage on this setup.
📌 Stop-Loss Strategy
The main strength of this trade is the well-positioned stop-loss. Even if price decides to retest the broken descending trendline with a pullback, my stop would not be triggered prematurely.
⚠️ Overall, this is a risky position that is currently open. If I notice weakening bullish signals, I’ll likely exit early.
BNBUSDT Highwave-Cycle on 4H Timeframe:
BNB/BTC Chart:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.