MY REAL TRADE ON TRX|USD PAIR

Greetings,

It's your friend @mondraye and today I would be sharing my TRX|USDT trade and the factors I considered before taking the trade.

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Cryptocurrency trading is one of the leading things in the world of cryptocurrency. This is because users do not only regard cryptocurrency as a viable means of transaction but also an alternative for earning passive income.

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MY TRX|USD TRADE ANALYSIS

• 1-hr

I decided to trade TRX|USD pair today and started by carrying out my analysis on my MT5 trading application.

Just as usual, I started by marking out the major support and resistance areas on the 1hr timeframe. This is because the support and resistance areas are more porminent on the 1 hr timeframe compared to lower timeframes.

After marking the support and resistance levels on the 1hr timeframe, I also noticed there's a break on the current trendline and that the current price is at a support area.

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• 15-mins/entry

After my observations on the 1hr timeframe, I switched to a 15mins timeframe with the hope of finding an entry.

I usually use the 15mins timeframe in finding entries because I am a day trader and it helps me in properly choosing my exit position.

On the 15mins timeframe, I noticed that the market structure is already broken due to the inability of the price to maintain its previous higher high formation.

Observing the break in market structure, it became clear that there's a possibility of trend reversal but with the current price being at a formal resistance level which now serves as a support, I waited for a break below the resistance level before taking a sell position.

My entry was also confirmed by the RSI indicator which was found to be below middle mark thus indicating bearish momentum.

This confluences gave me the confidence to take a sell position with my traget being the next major support which also happen to be the position of the 200-moving average indicator.

The sell entry was made using my Binance futures account.

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• Exit

After taking the entry, I continued monitoring the trade as it continued to move as predicted until it came to the 200-moving average which I believe will be enough to trigger a price reversal.

At this point, I closed the trade and took my profit.

Summary,

Cryptocurrency trading has grown to become one of the leading means of earning passive income using cryptocurrencies. In as much a lot of people engage in it, it is not without risk.

This content is not a financial advice but only for educational purposes. It is always adviced for one to do their own analysis and trade with what one can afford to lose.

_{10% to @TRON-FAN-CLUB}