TeachingTrader
@t_TeachingTrader
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TeachingTrader
AVAX has made a massive 180% in 5 weeks. Surfing the 10 day EMA. Hitting resistance at $23 and pulling back 23%. Forming a HTF. O'Neil tells us that in order to form a HTF a security must double in less than 8 week and pull back no more than 25%.Qullamaggie tells us a security must move 30 - 100%+ for a few weeks, then form an orderly pullback, with higher lows during the consolidation period. My observations - large volume two weeks ago. I see resistance at $23, support at $17.50 with my next main resistance area at $47.50. This leaves a huge void with little resistancebetween $23 and $46. A shakeout within the HTF to $17.50 is acceptable but any daily close below $17.50 invalidates the HTF. I'm looking for a HTF range breakout with a daily close above £23. With a target of 100% at $46. Monitoring the 10/20EMA and 50MA as stop losses.
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