$EGLD
Here’s another simple strategy for turning $300 into $10,000+ with $EGLD:
1. Identify the Market Trend (Time Frame: 4H or 1H)
Uptrend: Higher highs (HH) and higher lows (HL) are forming.
Downtrend: Lower highs (LH) and lower lows (LL) are forming.
Neutral Market: If the trend is unclear, the market is likely ranging. Stay out.
Tool: Moving Averages (EMA 50 and EMA 200).
If EMA 50 is above EMA 200 and the price is above both, it’s an uptrend.
If EMA 50 is below EMA 200 and the price is below both, it’s a downtrend.
2. Mark Key Levels
Identify support and resistance zones where price may react.
Use Fibonacci retracement (e.g., 0.618 or 0.5) to pinpoint pullback areas.
3. Entry Triggers
Uptrend: Wait for a pullback to a support zone (like 0.618 retracement). Look for bullish candlestick patterns (e.g., Bullish Engulfing, Hammer, or Morning Star) to confirm the entry.
Downtrend: Wait for a pullback to a resistance zone. Look for bearish candlestick patterns (e.g., Bearish Engulfing, Shooting Star, or Evening Star) as confirmation.
4. Stop Loss & Take Profit
Stop Loss: Set just below the support level (for long) or just above resistance (for short).
Take Profit:
First Target: Last high (for long) or last low (for short).
Second Target: Follow a 1:2 or 1:3 Risk/Reward ratio.
This strategy focuses on trend-following, using moving averages, key levels, and candlestick patterns for clear entry points. Keep managing risk carefully and stay disciplined!