Playing off the loing term monthly bullish trend (moving averages), daily chart showing bullish movements very soon, we will see atleast 38'000 - then consilidation period before potential further movement upto 42'000. This requires high volume . This is a combination of wave theory, trend analysis, stochastics, moving averages, fundamentals, SAR and various other TA's.
Please use this chart as an addition to reinforce your analysis rather than souly relying from this information.
This trade would play out over 1-2 weeks. If it is confirmed I will continue to play the bullish trend for the next 1-3 months.
Touched upwards support trend, initiated long position @ 35200, looking for a solid bounce now for confirmation of upside - then the fun begins.
Comment
⋅
Well the last 12 hours was eventful, but luckily the position was not stopped out (SL = 33'000, daily low = 33'300). If the price breaks back into the trend then the original plan is resumed. TP-1 will be the first point of profit taking. Goodluck.
Order cancelled
⋅
SL hit at 33'000 - you win some, you lose some. Part of the risk of trading and investing. Will take the L and analyse where exactly this strategy broke down and the key indicators for this. From this point on I will continue to look for potential long positions around this price after confirmations.
Comment
⋅
Ended up dropping to 28'600 - shows the power of having SL's - could have easily been liquidated with leveraged account