Short-Term Trade: $RIF in a Symmetrical Triangle

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RIF is currently in a symmetrical triangle having tested the converging support and resistance three times each and is approaching the apex of the triangle. It is looking to break out of the triangle as we speak. I will look to trade this coin on spot with £300 if it does break out.

Conditions for the trade:

  • On the 4H, we need it to close at or above $0.35
  • During the breakout candle, we must see an increase/spike in volume
  • Stop loss will be set at just below the previous swing low of the triangle at $0.308
In terms of the price target, I will use the swing high of the triangle which is at $0.46 and the lowest swing of the triangle at $0.26. Along with this, to set a price target region, I will use the Fibonacci Extension levels to find any resistance we may have on the breakout.


Using the price target generated from the symmetrical triangle combined with the fib levels, the price target region would be between $0.53 and $0.55, with the latter being the 2.168 fib level meaning it holds more significance as a more likely target. The 50c mark could also prove to be a psychological barrier and is also a fib level. 

Taking Profits

  1. The first TP will be at the previous ATH of $0.46, where I will take out 20% of the trade
  2. The second TP will be at the psychological $0.50 level, where I will take out 30% of the trade
  3. Finally, for the remaining 50% of the trade, I will take out at the $0.55 final price target
If this goes according to plan, I'm hoping for somewhere near the £100 mark of profit which would get me a nice 30%.


So this is the plan. Hopefully, the breakout does happen so I can make this trading plan actually happen. Otherwise, I've just wasted quite a lot of time. It was quite fun though. Anyways, good luck.


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