TheSignalyst

ALGOUSD - Trend-Following Setup!

Long
COINBASE:ALGOUSD   ALGO/USD
ALGO has been overall bearish for a while, trading inside our blue channel but since it is approaching a strong demand/ support zone we will be looking for buy setups.

But before we buy, we want the buyers to prove that they are taking over again. (you don't want to buy a bearish market right?)

Our upper blue trendline is not valid yet, as it only connects two swings, so we will be waiting for a third swing high to form around it to consider it our trigger swing. (projection in purple)

Trigger => Waiting for that swing high to form and then buy after a momentum candle close above it (gray zone)

Meanwhile, until the buy is activated, ALGO would be overall bearish and can still dive inside our green zone or even break it downward.

For now, as per the current market condition, we are waiting for a new swing high to form around our upper blue trendline to consider it our trigger swing, and then and only then, the reversal setup would be ready and confirmed after a momentum candle-close above that last swing high.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL indicator
http://www.RichTL.com

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Comments

nice channel!
+3 Reply
@Guapeva thanks Guapeva
Reply
waiting for a breakout, thanks for sharing mate
+2 Reply
TheSignalyst Stargazer_fx
@Stargazer_fx yess star
Reply
Keen setup 👌
+2 Reply
TheSignalyst Rackelle_M1
@Rackelle_M1 amazing 😁
Reply
It just followed your track,
Amazing work !
+2 Reply
TheSignalyst Helical_Trades
@Helical_Trades amazing gentleman 👏
Reply
Great setup
+1 Reply
TheSignalyst lollobchara1
@lollobchara1 thanks bro Elio
Reply
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