How are you doing today?
Update of my running trade on Cardano (ADA):
At the moment, my buy position on the ADA is running with floating losses of $7.25 as shown in the picture below. Last week, I mentioned that the support level of 1.3020 could have sent the price up to the resistance level of 1.4650. Unfortunately, the ADA managed to break below the support level of 1.3020, taking the price down to the 1.2000 level. At the moment, the ADA is trading near the support level of 1.2000. I think that the level of 1.2000 can be seen as a good starting point to open a long position. So, I decided to place a long ADA position from the current price level at 1.2408, as stochastic oscillator is showing oversold condition and potential for the further upside movement. In addition, the 6-day linear weighted moving average is about to break above the 12-day exponential moving average, giving a buy signal. A stop loss order can be placed below the support level of 1.2000, while a take-profit order can be placed at the level of 1.3800, as I expect the quote will go up to the level of 1.3800 if the support level of 1.2000 doesn't break.
- Buy Cardano (ADA):
- Entry point: 1.2000-1.2408.
- Take profit: 1.3800.
- Stop loss: 1.1800.
Forex economic calendar:
Today, There will be two important meetings for the BOE MPC members at 5.00 P.m and 7.00 P.m as shown in the picture below. It is very important to Forex traders to take a look on summary of such important meetings, as the BOE MPC members vote on where to set the nation's key interest rates and their statements are usually used to determine the important things regarding future monetary policy. So, their meetings usually affects on value of the British pound against other currencies.
Wishing you a very happy weekend!