Long with low conviction (+)
Buy on dips above 1.119
Stop Loss: 1.110
Take Profit: 1.157
Weekly
Market is testing descending wedge pattern support with 1.119/1.120 as a key support level.
21RSI is holding above 33.5% support level where price has been shown to react/bounce before (as indicated by arrows), however still below the 50% level.
1.119/1.120 key long term support also corresponds with long term pull back support line (in light blue)
Daily
21 RSI reacted above ascending channel support with bullish divergence noted since mid May 2018. However do note also that it is still below the 50% level.
Overall, this is a low conviction bullish trade as indicators have yet to confirm any bullish breakouts. The only thing that is clear is the strong support.
Buy on dips above 1.119
Stop Loss: 1.110
Take Profit: 1.157
Weekly
Market is testing descending wedge pattern support with 1.119/1.120 as a key support level.
21RSI is holding above 33.5% support level where price has been shown to react/bounce before (as indicated by arrows), however still below the 50% level.
1.119/1.120 key long term support also corresponds with long term pull back support line (in light blue)
Daily
21 RSI reacted above ascending channel support with bullish divergence noted since mid May 2018. However do note also that it is still below the 50% level.
Overall, this is a low conviction bullish trade as indicators have yet to confirm any bullish breakouts. The only thing that is clear is the strong support.
Trade closed: target reached:
*Target Reached!!!*
Took about 1.5 months. But the take profit has been reached. Was a great run adding to positions and just having faith in my own TA method. Cheers everyone!
Took about 1.5 months. But the take profit has been reached. Was a great run adding to positions and just having faith in my own TA method. Cheers everyone!
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28