Analyzing and Demo Trading ENSUSDT using the retracement/impulsive strategy

Greetings dear friends,
It's another day of the week and I'm delighted to be part of those publishing my article here in this noble community. I remain your favourite crypto analyst in the person of @simonnwigwe from Nigeria 🇳🇬. I want to believe that you have been following my technical analysis closely.

Every day, we look for means or ways to improve what we are doing. As a crypto analyst and trader, I try daily to improve my skills and analysis for trading. There has been a significant improvement from what I have seen recently.

Today, after checking through my watchlist, I came up with a very important pair of assets which according to my prediction will go upward and that is what we are going to be looking at today. We are using just a simple strategy for this analysis today.

Without further ado, let's get started. From the above chart, you will notice that the pair of ENSUSDT has been taken into consideration, and the lines of support and resistance have also been drawn.

From the market, you will notice that the price has been making some series of higher highs i.e. the price has been on an uptrend. It was rejected at the resistance level which caused a retracement. From the chart, you will notice that after the retracement, an impulsive movement is taking place.

From the impulsive movement I saw, I concluded that the retracement of the market was over and a push in the upward direction which may break the resistance level is what should be expected. With that in mind, I decided to introduce the buy logo as seen in the screenshot below.

Based on the screenshot above, you can see that a buy logo has been kept in the chart and from the chart good risk management was taken into consideration for the trade placing. The take profit is kept at the next resistance level with the hope that the closest resistance will be broken once the market pumps.

To manage my risk properly, I kept the stop-loss below the tail of the longest bearish candle. From my observation of the chart, the risk-reward ratio is about 2:10 which is indeed a very good risk management any trader could ever think of.

Since I want to keep proper track of the market and also check my analysis properly, I decided to demo trade the market and see what I will be earning at the end of the market. This keeps me in check to always see how effective my analysis is.

From the above image, you will notice that the order has been placed, if the market goes as predicted, then a profit of +4.99 USD will be added to my demo account but if the market goes against me, then a loss of -0.84 USD will be taken into consideration.

Finally, I also took a screenshot of the position that I opened for the trade as it contains all the information you need to know about the trade I took. The screenshot below shows the open position.

From the screenshot above, you will notice that the side is long (buy), the quantity is 1, the average fill price is 9.86, the take profit level is at 14.85, the stop loss is at 9.02 and lastly the P&L at the moment is 0.00, that is all about the open order.

Conclusion

The analysis of ENSUSDT is a good one as you can see. The result for the trade is not here yet but I'm confident on the analysis. Since we are entering the bull run, it's advisable to always take more of long than short and that is why I'm more confident of the analysis on this pair.

Let's watch and see how far the market goes. Remember, the market is not control by me or you and that is the reason for the stop loss. We will update result here to be sure that our prediction goes as predicted.

Remember also that trading is like meditation, patience is the key. Always wait for the market to come to you and not for you to go to the market. Learn to identify your key support and resistance level and also trade with the trend and in that way, you will be a successful trader.

Finally, I want to thank you all for reading through my post today. If you have any questions or contributions, please do well to use the comment section of this post. See you all in my next publication.

Disclaimer: ^{This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your research and consult a financial advisor.}

NB: All images except otherwise stated are mine and taken from tradingview.com website