Analyzing and Demo Trading of DYMUSDT using the retracement Strategy

Hello everyone,
I remain your favorite crypto analyst in the person of @simonnwigwe from Nigeria 🇳🇬 and it is a great pleasure on my part to share with you all the analysis I did today on a new pair of crypto assets called the DYMUSDT.

The asset was listed about a month ago on Binance and since its listing, it has made some significant moves I am pretty sure that some of us will want to invest in it because it has proven to be one of the best during this season.

Just like the previous analysis, I have been doing some days back, this analysis is going to be taken the same strategy. So let's carefully look at the first chart in the screenshot below as I explain what retracement and impulsive movement are all about.

From the above screenshot, you will notice that the market moved downward and that is the retracement we are talking about. The movement was on the support line I drew in the chart and after that movement, we can see a correction in the movement of the chart as it began moving upward i.e. the impulsive movement.

So with that, I was certain that the market might go upward again because it has the highest high which it may break through. So I decided to check the indicator I added to the chart and I noticed that it has left the oversold region moving upward which serves as another confirmation to me.

So I decided to introduce the buy logo as you can see from the screenshot below. In the below screenshot, the buy logo indicates the type of risk management strategies I'm applying. As you can see, the risk-reward is about 2:10.

Based on the screenshot above, the stop loss for the trade I'm taking is located below the support line and the take profit is seen above the resistance line. So let's see how the market plays out thereafter.

To properly keep track of the progress of the said pair of assets, I decided to introduce a demo trade to at least keep me on track and in check so that I will have a little emotion when the market goes in my favor or against me. See the screenshot below.

From the above screenshot, you will notice that the demo trade has been activated already. If the market goes as predicted, then I will be able to earn a total of 24.18 USD, and if the market goes against me for any reason I will lose 4.18 USD. This shows that it's a good risk-reward ratio if you ask me.

Finally, I also decided to go to the position side to get complete information on the market so that you all can see it more clearly. The details below talk about the points where I take my profit, my stop loss, and even the current price of the asset when I'm making the post.

From the screenshot above, you will notice that the side is long (buy), the quantity is 10, the average fill price is 6.356, the take profit level is at 8.774, the stop loss is at 5.938 and lastly the P&L at the moment is -0.06, that is all about the open order.

After a while, I decided to check back on the trade to see if the market was going in my favor or against me. Going through the chart I saw that the market respected my analysis and that is what gave us the result you can see from the screenshot below.

From the above screenshot, you will notice that the profit made is already at +0.09 USD which is a sign of progress. I will still hold on to the market and see the final movement of the asset because I'm confident that it will hit my take profit.

Conclusion

The crypto market analysis needs patience and you don't analyze the market using your emotions as well. Immediately after placing the trade, you can see that I was moving at a loss of -0.06 USD but I knew what I was analyzing so I kept the trade and now you can see that I'm already on a profit of +0.09.

The crypto market doesn't move one way and that is the reason you have to be patient and wait. More also always endure putting your stop loss in case the market moves completely against you.

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