Arbitrum - August trade
2024-08-14

Current price action 

Since august 5 arbitrum made an new all time low 
Series of higher lows and higher high since that bottom
Consolidating under 0.5 Fib retracement wich currently act as resistance

 Momentum indicator 

Personal indicator wich gives buy or sell signal based on 2 day timeframe momentum 
The average price act as support in the direction of the giving signal
Dynamic stoploss acts as an trailing stoploss wich follow the average price

Buy signal confirmed this morning

 Trade 

 Entry  

Market price(0.5820), Average price (0.5651) or wick trough dynamic stoploss (0.5539)
Break above the 0.5 Fib retracement (0.5959)

 Risk 

Last higher low (0.5451)

 Take profit 

Monthly level (0.6574) and 20D level (0.7476)