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Wednesday, September 9, 2020

Are you trading SUSHI? Testing critical resistance again

Are you trading SUSHI? Testing critical resistance again


Disclaimer: This is not financial advice

High leverage trading is all about entries, you need to have patience and to not let fear of missing out drive you into opening rushed positions. Map out your trades in advance and wait for the right entry. Our aim is to capture quick & safe profits, not to predict the future, this is possible only if we plan ahead and wait for a good entry. So if you're nervous and itching to open a position then take a few deep breaths and don't trade!

A lot of drama surrounds sushi, but we don't trade drama, we trade the chart. When trading in days like these it's crucial to keep in mind the macro market conditions. I haven't made new posts about majors yet but we seem to have put a top for a while in most coins. Bear that in mind when you trade. Looking at sushi, it is following a pattern we see very often in crypto, a pennant that breaks one way only to break out definitively in the opposite direction. There was a bullish pennant in formation in sushi which broke out yesterday. We seem to be headed for higher highs. I've been watching this coin for a while so I do not recommend buying here. If you missed out what you can do instead is wait for a high leverage short. A good entry for high leverage shorts would be the 4.1-4.4 area. We are currently testing an important resistance, at 3, which should be broken this time after several failed attempts yesterday.

Entry: 4-4.4 SL: 4.4 TP1: 3.4 TP2: 2.2

from Trading Ideas
via gqrds

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