The trading idea is based on a breakout signal above the downtrend line and the local swing high. If the price moves above 7800.00 level, it will be a signal that the market is going to continue the uptrend. In order to catch this price movement, pending orders for buy should be placed at 7810.00 level with stop orders at 7380.00 level. Profit targets are 8200.00 and 8500.00 levels. If the market bounces from the downtrend line and moves lower, we'll have to use a new swing high for placing orders for buy. And it will be a new trading opportunity.
You're crazy that could be buying the top. I would only buy on a clear 8k breakout, this can even test 7900 before it retraces to 7200.
Shockinalive
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@EliasVigl, agree, but I guess that is where stop losses are for if it might go down instead of up. But you are right though, shouldn't buy the top.
DLavrov
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@EliasVigl, it is not a wrong trade. It's one of possible trades in this market. Can it be closed by stop? Sure! Can it be closed by profit? Sure! Don't like, skip it. Buying ot tops, it's another stroy, this trade is based on the breakout the local highs - it's a signal which follows the main trend.
EliasVigl
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@DLavrov, it can be a good trade yes, but i see no reason to go long on 7800
jezuke97
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Now it crossed, do I have to buy now? or wait a little more?
Tradingstrategyguides
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Great analysis! Thanks for the info. Here is my analysis: do you have a similar look on BTC? Appreciate the great content.
jezuke97
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Do not you think its will go down? I say this because when it touch on of the tops of the tendency then goes in the opposite direction. What patter exactly is btw?
Hey, been following your signals for some time now. Thanks for giving good insights. However, I think I am seeing a pattern-wWhy would you recommend entering a trade with such a bad risk:reward ration? We are entering to win 400 or 700$, risking ~ 350$.
Cheers!
arai02r6
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@kurrkabin, yeah idk whats up with this idea here ... seems backawards if you ask me ...