TRON (TRX) is one of the coin having good volatility and has been giving several trading opportunities on small time period charts.
I have been posting different charts whenever this token gave any chance for long or short positions and almost all trading ideas executed as per plan most of these charts were short term.
Now this time I am posting a long term trade plan.
I shared this idea on tradingview on April 2019 and as per this idea I have depicted that the TRON has formed a very firm and big bullish Shark pattern on Month chart.
All legs are retraced as required for this harmonic pattern after initial move the A to B leg is retraced 0.598 Fibonacci and for shark we need this retracement between 0.382 to .618.
After A to B leg the C leg is retraced 1.337 and for a perfect Shark we require the B to C projection between 1.13 to 1.618 Fibonacci.
Then final C to D leg is moved between 0.886 to 1.13 and this should be our potential reversal zone from where the price action suppose to take bullish divergence.
The initial leg of this pattern starts from Nov 2018 and if we take the complete priceline from Nov 18 up till now within fixed range of volume profile then it shows that sofar the trader's interest is not developed at this are therefore the price action can't stay here for long time, so the price action may move up or move down from this zone but there are less chances for moving down because below this area the TRX has now profile history to be traded but above this zone the Tron has been trading well, therefore the bullish divergence is more possible than bear move.
On 2 week time period after July 2018 we have 2nd buying volume indication by volume indicator and Moving Average Convergence Divergence has given bull cross and turned strong bullish moreover the Stochastic has given bull cross from oversold zone soon these bullish signals will be reflected month chart.
On day chart the simple moving averages MA 25, MA 50 , MA 100 and MA 200 are likely to open alligator mouth like it was opened in Mar 2019.
Now there are much chance that the price action will take a really powerful bullish divergence from here and our sell targets should be the Fibonacci projection area of C to D leg from 0.382 to 0.786.
Below are the buying and sell targets where the realistically price action will move:
Buy between: 0.013921 to 0.007883
Sell between: 0.020572 to 0.033886
Atif Akbar (moon333)
Disclaimer: Every word and figure of above article is purely result of my personal research and work you can share it using my reference moreover the information contained in this article is for education purpose only, this is not intended to be investment advice, so please seek a duly licensed professional for investment advice.