Today, I decided to go Long on INIT at 0.5980, placing SL at 0.57 and TP at 0.69, after thoroughly assessing the market and current technical trends.
Why did I choose this price level?
Trading volume is steadily increasing while the current price is testing support at the 0.59 level. This is the point where I expect a strong recovery.
EMA is giving positive signals: EMA 20 crossing above EMA 50, indicating that the short-term trend may continue.
RSI is not overbought yet, can maintain upward momentum if the price does not drop significantly below 0.58.
Reason for entering the trade:
Choose an entry point near the support zone, hoping the rally will continue to 0.69.
SL at 0.57 to protect capital if the market reverses strongly.
TP at 0.69 but I am also considering lowering TP to 0.67 if the trend shows signs of slowing down.
Lesson:
Plan ahead before entering a trade: SL and TP have both been clearly defined, helping me feel more confident when trading.
Carefully monitor indicators: EMA, RSI, and volume all support my strategy.
Expected results:
I hope the price will continue to trend upwards and reach TP 0.67 (or maybe even reach a higher expectation of 0.69), but if there is a reversal, I will adjust TP to minimize risk.
What about you?
Are you following INIT? What do you think about my strategy?