What do you think about such a long trade?
The price is going to bounce from the support zone. RSI and MACD histogram can support the price reversal and a further upward movement. Stop orders must be placed below the local swing low and the support zone. The profit target should be SMA200 and the resistance level. Risk per trade must be no more than 2% of the capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The price is going to bounce from the support zone. RSI and MACD histogram can support the price reversal and a further upward movement. Stop orders must be placed below the local swing low and the support zone. The profit target should be SMA200 and the resistance level. Risk per trade must be no more than 2% of the capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Comment:
By the way, we had a very interesting long trade from the same support.
Comment:
If it's a fake breakout, the market will give us another buying opportunity just with a new entry point and stop below a new swing low. The profit target can be the same.
Comment:
How could you trade the setup which I described in this post?
The 1st trade could be closed by a stop or at the breakeven. The price moved in the right direction and it gave an opportunity to move stop orders to the breakeven.
The 1st trade could be closed by a stop or at the breakeven. The price moved in the right direction and it gave an opportunity to move stop orders to the breakeven.
Comment:
The market gave us a false breakout which we could use for buying as well. We had to use new entry and stop points but the same profit targets.
The long positions reached the 1st profit target at SMA200. After that, the price bounced from SMA200 and broke the support zone. If you had the part of long position for the 2nd profit target, it could be closed at the breakeven.
So, having enough knowledge and the right experience you could make a profit following this post. Did you do it?
The long positions reached the 1st profit target at SMA200. After that, the price bounced from SMA200 and broke the support zone. If you had the part of long position for the 2nd profit target, it could be closed at the breakeven.
So, having enough knowledge and the right experience you could make a profit following this post. Did you do it?
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💎 Share My BEST Trades here 👉 bit.ly/wubits