REPOST - TRB/USDT Buy Long | S6T2 - Team Trading Post for Team Frontline
I'm reposting this Trading post as it was not curated. Here is the previous post.
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👉 Brief Introduction of the Tellor Project (TRB)
For the second day of week 2, I have selected the Tellor project as my trading token of the day. TRB is also known as a decentralized oracle that provides high-value off-chain data to people who deal with smart contracts. The TRB doesn’t focus on speed, data from APIs, or any non-specified data. It focuses on creating an expensive protocol to break and be transparent about the exact amount where it becomes insecure. Let's look at a screenshot of the Tellor official website.
Screenshot - https://tellor.io/
Tellor is also a token that is in the Ethereum network. TRB can be deployed on many chains. TRB holders and users can delegate their voting rights to the token. This ultimately increases the voting power of the whole network.
There are Tellor treasury contracts in the blockchain. These will lock the TRB in the users and create an interest in holding them. The events work in quarterly votes to increase, decrease or continue the number of TRB locked in the contracts.
👉 Which exchange can be traded on
Tellor is another very popular and heavy potential project in the Cryptocurrency field. So, it has been listed with a lot of major exchanges including Binance, Huobi, and Kucoin. Below I have mentioned the Top 10 exchanges that can be used as a Trading platform for Tellor Tokens.
Screenshot - https://coinmarketcap.com/currencies/tellor/markets/
👉 Why are you optimistic about this Token today
Same as the previous week, I am not going to buy this coin in my spot wallet. Because already I have some amount of TRB in my wallet that I bought from the bottom and mid. However, still, if someone needs to buy this coin as a long-term investment, he can buy this token using the dollar cost average technique.
So, today, I will trade on this TRB token using Futures Trading. Because I'm much familiar with the scalping trading technique and today I will use a bit different technique. So, I will take my entry using a 5min chart as I need to exit from the market soon. This is because there is a lot of bad news in the market as compared to good news. So, it's better to take entry points without wasting time. However, there is some good news too. So, it will be a better opportunity to gain higher rewards.
👉 How long do you think it can rise?
In fact, this Token will definitely rise with very good profits in a few days. But, Today, I wish to take my profits within a few hours or minutes as I'm following a 5min chart to take my entry and exit.
So, in this post, I will invest 10$ by multiplying it up to 100$ which means that I'm going to take my entry for 100$ using 10x leverage. It is the same as the previous week's Trades but the Trading strategy and the coin are different.
I have already completed the fundamental analysis part of this Coin above. So, it's time to do my technical analysis part. Here I've chosen TRB/USDT pair and firstly I will analyze my chart using a 5min chart. Let's do it.
Screenshot - https://www.tradingview.com/chart/
According to the above screenshot, you can see the indicators which I have used in this Trading strategy. That is the VuManchu indicator that was clearly explained by academy professors in the past season. At the same time, I have used quite a suitable cup and handle pattern to identify the exact long entry and support and resistance levels to place my entry and exit points correctly.
So, here you can see the price has broken an important resistance level as well as it has been retested successfully. Additionally, I received a buy signal (Green Dot) from the Vumanchu indicator. Let's take our entry.
Screenshot - Binance Mobile App(Futures)
Above I have clearly shown my Buy entry transaction details. You can clearly see that I have taken my entry from the exact location that I have marked in the chart. Let's see the progress.
Screenshot - Binance Mobile App(Futures)
Now I have to wait a few minutes to see the progress of my price prediction. Let's look at the current behavior of the chart.
Screenshot - Binance Mobile App(Futures)
According to the above screenshot, you can see the progress of my order after a few minutes. It has really moved as I expected. So, I have taken my entry using 10x leverage.
Now I have closed my order from the exact location which I marked in the above screenshot that contains the price chart. I must mention that I have marked the nearest resistance zone to take exit point and nearest support zone to set my Stop-loss level. Let's look at my exit order proofs.
Screenshot - Binance Mobile App(Futures)
According to the above screenshot, you can clearly see that Target has reached the same as my expectation. I have successfully earned 1.22 USDT for the 10$ investment that I earned within a few hours.
Like I said earlier, I have already closed my order according to the relevant Trading Plan. And also, I have earned 1.22$ as my net profit for this 10$ investment which is more than 12% of earnings as a percentage.
Definitely, I recommend this coin for anyone who is willing to take a good profit as a long-term investment. However, as usual, if we take short-term entries like Futures entries, we should place a tight stop loss as it is very risky to take entry points in this very volatile market.
This is all about my Trading post and I thank you to professor @abdu.navi03 for including me in your valuable Trading Team. I also used one of your taught Trading strategies and it was very successful.
I'm reposting this Trading post as it was not curated. Here is the previous post.