ALGO - Wait For The Bulls! Long

Algorand / US DollarBinance

Description

⋅ Oct 23, 2022 4:41 PM

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

DAILY: Left Chart
ALGO has been stuck inside a range for a while.

For the bulls to take over from a long-term perspective, we need a break above the upper gray area (upper bound of the range)

Meanwhile, as we are approaching the lower bound of the range, we will be looking for buy setups on lower timeframes.

H4: Right Chart
From a medium-term perspective, we have been bearish making lower lows and lower highs.

For the bulls to take over, we need a momentum candle close above the last major high marked in green.

Meanwhile, until the buy is activated, ALGO can still trade lower till the gray zone where we will be looking for new buy setups.

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich

Comments

DeGRAM

⋅ Oct 24, 2022 12:47 PM

Thank you for sharing

Tolberti

⋅ Oct 24, 2022 11:25 AM

Nice detailed analysis, I like it!

SwallowPremium

⋅ Oct 24, 2022 10:05 AM

It well done! Great work, thanks for sharing!!)

UnknownUnicorn15614419

⋅ Oct 24, 2022 8:56 AM

Great Idea here :)

Solldy

⋅ Oct 24, 2022 3:29 AM

I have no complaints about the analysis and description, everything is fine here, as usual, my friend. But current market movements and recent news advise me to skip this idea. By the way, do you somehow analyze the news when putting together your ideas?

Babenski

⋅ Oct 23, 2022 6:38 PM

Nice work rich