Hi Fellow traders, here i share my trade setup on Argo Blockchain.
So argo recently had an IPO on the NASDAQ. their shares were sold as $ARBK.
As ARBK represents 10 $ARBKF shares, we can easily do the math and use the ARBKF chart as our ARBK chart.
Here i will share the TA i did on ARBKF and i will add the ARBK chart with those levels to make things easier.
So, as shows on the chart, we broke out of a descending wedge with a bullish breakout. This is why im assuming our broadening wedge will be Bullish. But as we always have to keep in mind it can turn bearish, we also add those levels and targets.
So, after the bullish breakout we now are in a "Ascending Broadening Wedge" if we breakout bearish now, our 70% target of C-D price would be 0.9.
if we indeed still have to complete our ABCDE elliot wave pattern, im taking the 0.382 Fib level as target.
After that we have 3 options, (1) straight throught the roof (unlikely) (2) Backtest of last Resistance as Support before breakout (3) Back to Bottom of the pattern + Bearish breakout.
Bullish breakout takes us to 40 / 4 ish levels and a Bearish breakout AFTER a wave E to 4.9 / 0.49 level as a 70% from elliot wave D-E.
All levels ive shown are Backtested Proven resistance/support levels, and are backed up by fibonacci levels and pattern target levels.
My trade setup:
ive been buying in the 15 - 16$ are so we take our entry as 16$ ( 1.5 -1.6 in ARBKF )
Entry : 16 / 1.6
Target 1: 19.7 / 1.97
Target 2: 23.8 / 2.38
Target 3: 28.5 / 2.85
Target 4: 39.5 / 3.95
Target 5: 41.5 / 4.15
Stoploss / Short Entry : 14.40 / 1.44
Not financial advice, Trade safe Wanderers
So argo recently had an IPO on the NASDAQ. their shares were sold as $ARBK.
As ARBK represents 10 $ARBKF shares, we can easily do the math and use the ARBKF chart as our ARBK chart.
Here i will share the TA i did on ARBKF and i will add the ARBK chart with those levels to make things easier.
So, as shows on the chart, we broke out of a descending wedge with a bullish breakout. This is why im assuming our broadening wedge will be Bullish. But as we always have to keep in mind it can turn bearish, we also add those levels and targets.
So, after the bullish breakout we now are in a "Ascending Broadening Wedge" if we breakout bearish now, our 70% target of C-D price would be 0.9.
if we indeed still have to complete our ABCDE elliot wave pattern, im taking the 0.382 Fib level as target.
After that we have 3 options, (1) straight throught the roof (unlikely) (2) Backtest of last Resistance as Support before breakout (3) Back to Bottom of the pattern + Bearish breakout.
Bullish breakout takes us to 40 / 4 ish levels and a Bearish breakout AFTER a wave E to 4.9 / 0.49 level as a 70% from elliot wave D-E.
All levels ive shown are Backtested Proven resistance/support levels, and are backed up by fibonacci levels and pattern target levels.
My trade setup:
ive been buying in the 15 - 16$ are so we take our entry as 16$ ( 1.5 -1.6 in ARBKF )
Entry : 16 / 1.6
Target 1: 19.7 / 1.97
Target 2: 23.8 / 2.38
Target 3: 28.5 / 2.85
Target 4: 39.5 / 3.95
Target 5: 41.5 / 4.15
Stoploss / Short Entry : 14.40 / 1.44
Not financial advice, Trade safe Wanderers
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