Analyzing and Demo Trading of JOEUSDT using the Support & Resistance Strategy

Hi, fellow crypto lovers,
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 JOEUSDT.

The crypto market recently has not been very stable because of the up and down movement of the various news and sectors in the financial sector which has not allowed steady flow in a specific direction of the market.

Today after carefully analyzing the pair of JOEUSDT as seen in the screenshot below, I noticed that the market rejected the support level which means that there is a big probability that the market may go upward.

I looked carefully too at the volume of the trade and the indicator that I had added to the chart to see if the market has a good potential of going up or coming down. With that analysis confirmed, I decided that a buy option would be the best for me.

So to move ahead with the analysis, I decided to introduce the buy logo so that I can be able to know the levels of take profit and stop loss. So from the screenshot below, you will notice that the take profit is at the next resistance and the stop loss is at the support level.

From the chart above, you can see that the market, if it goes as predicted, will earn me about 100% profit and if it goes against me then I will lose about 10% which to me is a fair trade. So let's go ahead to demo trade it and see how the market goes.

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 40.79 USD, and if the market goes against me for any reason I will lose 8.39 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 100, the average fill price is 0.7674, the take profit level is at 1.1753, the stop loss is at 0.6835 and lastly the P&L at the moment is -0.09, 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 didn't respect 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 loss made is already at -0.94 USD which means our analysis is not in my favor at the moment. I will still hold on to the market and see the final movement of the asset because I'm confident that it will go in my direction. So let's be patient as the market will still go as predicted.

Conclusion

The analysis we have done at the moment is not going as predicted but let's hold the trade and the market and see how far the market will move. I'm confident that the market may still go as predicted so let's watch the market together.

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