I found a candle similar to the Dragonfly Doji on the ENA coin with support from the MACD golden cross
โ Entry & Exit Strategy: ENA/USDT
๐ฏ 1. Entry Point (Buy)
Entry confirmation: Buy when the price breaks and closes above the high of the Dragonfly Doji candle (around Rp9,200โ9,300 or ~$0.57).
Even better if accompanied by high volume and a strong green candle.
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๐ก๏ธ 2. Stop Loss
Place the stop loss below the tail of the Dragonfly Doji.
For example: if the low of the Dragonfly Doji is around $0.48, then the stop loss should be set at $0.46โ$0.47 (maintain a reasonable distance from support).
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๐ฏ 3. Take Profit (TP) Target
Use Fibonacci resistance levels or previous price structure:
Target Level Notes
โ TP1 $0.5919 Previous local resistance
โ TP2 $0.65โ$0.68 Potential breakout area
โ TP3 $0.75+ Longer-term target, depending on trend strength
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๐ 4. Additional Confirmation (Optional but Recommended)
RSI: Ensure it is not overbought (>70).
Volume: Higher than the previous average.
Larger Timeframe (1D): Confirms upward trend more valid.
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โ ๏ธ Risk Management
Do not risk more than 2%โ3% of total capital per trade.
Ensure a minimum risk-reward ratio of 1:2 to keep the strategy healthy in the long run.