Trading Strategies for IOTA(Nov.15th)

IOTA is a distributed ledger designed to record and execute transactions between machines in the Internet of Things (IoT) ecosystem hence the name IOTA (Internet of Things Application). IOTA has a cryptocurrency called MIOTA. Unlike other platforms, IOTA uses a Decentralized Acyclic Graph (DAG). The platform also offers fast transactions with no fees involved.

The technical pattern to be used for IOTA trading is the double top pattern which is a powerful bearish reversal pattern if it develops at the right location.

Steps to consider when trading IOTA (buy side):

Wait until a double top pattern develops on the IOTA chart

The more time you spend in front of the charts the better, you’ll become at recognizing money maker patterns. When a double top pattern develops on the IOTA chart, we are given three points of reference. Two peaks labeled A and B, and a valley created by the sell-off from peak A denoted with C.

Wait for the price to break downwards and drop below point C

The double top pattern is only genuine after the IOTA piece breaks and closes below the first valley denoted with letter C.

IOTA price needs to consolidate below point C

The IOTA price should move in between a narrow range below point C. here; more sell orders pour into the market.

IOTA price needs to consolidate below point C.

The IOTA price should move in between a narrow range below point C. here; more sell orders pour into the market.

Place your protective stop loss below the trading range spotted at step 3

Define a take profit level

Take profits as soon as possible, preferably during the first 5-15 minutes after we break above the double top pattern.

The same rules apply during a sell trade.

References

  1. https://tradingstrategyguides.com/iota-cryptocurrency-strategy/
  2. http://forextrading.company/iota-trading-guide-how-trade-iota
  3. https://forum.iota.org/c/trading-and-markets
  4. https://thediaryofatrader.com/crypto/what-is-iota-currency/

 

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