How to Trade a Spike

Let’s break down a theoretical trade on a recent spiker.

Conflux (CFX) is up +110% today.

A little digging reveals it’s the “only regulatory compliant, public, and permissionless blockchain in China”. At a time when crypto regulation is the biggest catalyst of the industry.

Read more about CFX here.

Using basic support and resistance reveals potential buying points.

In the chart below there are lines around $0.04, $0.05, and $0.06. These show support and resistance set by the price action.

The idea is to buy above the support (but close enough to reduce risk) and wait for the resulting breakout … green circles represent a ‘buy’, and red circles are ‘sells’.

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It’s always good to sell at least some of a position into strength at a break of the previous high. Just to lock in profits. And there’s always a chance the price rejects new highs.

Which brings us to our second point … this trading style works best for those that have the discipline to cut a small loss if the price falls below support.

The most successful traders are able to stay in the game and consistently profit because they control their losses.

Only focus on the best plays and it’s a winning strategy.

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