This is going to be a bit long but bear with me. The overall directional bias for this trade is extracted from the Monthly analysis. Since August we have been having closes above the monthly tenkan zone (52000-53000). This is significant,especially in October when the candle dipped down but quickly came up again to close above 53000. The narrative here is that are bulls defending this zone,in fact they are not only defending the zone but are also pursing further bullish interests,shown by the strong November candle. Our main aim with this stock is to ride those bulls and piggy bank on that bullish momentum. The 1st price magnet would be the 60000 zone. This zone was a prior high in April so we expect a slowdown in momentum here. If and when price breaks through this zone and tests it with bullish momentum ,then we take the 2nd part of the trade with target the 70000 zone which is the monthly kijun area.
Now to our 1st trade,this is being taken on the daily. We had a breakout of the blue shaded are towards the end of November. This zone was tested yesterday and today price seems to be confirming rejection from that zone:
Entry: 56 904
SL: 55 520 ( just below the lowest point)
TP: 59 908 ( Just slightly below the 60k price)
NB: Analysis is just that, analysis,what puts your trade in motion and keeps you trading is risk management. Manage your positions and you live to trade another day.!!
Now to our 1st trade,this is being taken on the daily. We had a breakout of the blue shaded are towards the end of November. This zone was tested yesterday and today price seems to be confirming rejection from that zone:
Entry: 56 904
SL: 55 520 ( just below the lowest point)
TP: 59 908 ( Just slightly below the 60k price)
NB: Analysis is just that, analysis,what puts your trade in motion and keeps you trading is risk management. Manage your positions and you live to trade another day.!!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.