As we can clearly see, in the past we have made higher highs and higher lows.
Now we are at a crutial point, since the last high is not yet broken. if thats the case, I believe we are ready to go all the way to the top of that channel again.
So if price goes above something like 5.80 I have my entry trigger and place my SL somewhere around 5.45 $. Why is the SL so far away? Well, we do have a long trend, a strong trend, but we are close to a support line, and lots of other SL's will be close to that. So if the support breaks it will catch lots of SL's of other traders, and price will fall a bit more, before recovering. To not get stopped out by other peoples SL's, my SL will be a bit below theirs.
Understandable? Disagree? Let me know!
Now we are at a crutial point, since the last high is not yet broken. if thats the case, I believe we are ready to go all the way to the top of that channel again.
So if price goes above something like 5.80 I have my entry trigger and place my SL somewhere around 5.45 $. Why is the SL so far away? Well, we do have a long trend, a strong trend, but we are close to a support line, and lots of other SL's will be close to that. So if the support breaks it will catch lots of SL's of other traders, and price will fall a bit more, before recovering. To not get stopped out by other peoples SL's, my SL will be a bit below theirs.
Understandable? Disagree? Let me know!
Note
allright, the support line has broken for now, lets see if its only a test, or a full breach...Note
so for noe, this idea is dead...If price bounces off the support line at 5.50, that could be another signal for a long position, but I will definitely wait for a clear signal.
I keep you up to date
Note
we went from 5.50 to 6.10$ what a ride! We are on a pullback right now, but the rally will continue I think
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Free Trading Education:
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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.