Tron is a blockchain based, decentralized protocol, designed to build a free content entertainment system. Their main aim is to make entertainment available to everyone around the World. Tron’s ticker symbol is TRX, and the minimum transaction costs 0.001 TRX. Tron has a market capitalization of over $6 million and currently the 9th most valuable digital coin. You can buy or sell TRX using the cryptocurrency exchanges namely Coinbase and Binance. Binance is known for their strong team, proven products, superior technology, and industry resources. Thus the most recommended and trusted.
The only technical indicator useful in our trading strategy is the Parabolic SAR indicator. SAR stands for Stop and Reverse but commonly referred to as Support and Resistance. This indicator hints you on when to buy Tron or cover your trade. When Tron TRX price trades below the indicator, then we are moving in a bearish trend and if above the indicator it’s a bullish trend.
Steps to consider when trading Tron TRX (buy trade):
1. Determine the dominant trend in higher time frames
Multiple time frame analysis is vital for determining the direction of the dominant trend. That is, if you trade the daily time frame, use the weekly and monthly charts to establish the trend.
2. Wait for the Parabolic SAR indicator to show up below the Tron TRX price
As mentioned earlier, when the indicator shows below the price it shows we are moving into a bullish trend.
3. Wait for Tron coin price to break above the last downward Parabolic curve
A line is drawn from the starting point of the curve and the price awaited to break above the line.
4. Place a protective stop loss below the Parabolic SAR curve
Hide your protective stop loss below the curve, usually at a low swing level.
5. Take profit when we touch the Parabolic SAR support line
Cash out your profits when the Tron coin price touches the support line.
The same rules apply for a sell trade.