hello everyone,
I am a couple of months new to technical analysis, and this is my first idea that I published to see if am correct on my TA. Any comments ( constructive will be appreciated).
First: On the RSI I recognized a bullish divergence ( with a green line under it), at that price the RSI was above 50 and pointing up. That's one confirmation.
Second, I realized that a down trend with lower lows and I added a channel to it. I realized that ETH broke through the down trend resistance and started a up trend with higher lows, so I made a parallel channel with the uptrend.
Third: I added a pitchfork by using the lowest low then the next high then the following low. At this time i realized that ETH broke out of the uptrend channel and into the lowerend of the pitchfork. I forcasted that ETH would past the resistance zone I created depicted by the two red lines on the chart, and reach the median of the pitchfork. Now if ETH reaches the mean and bounces, then it could go forward into range of the pitchfork. And if it passes the median then reverses back to the median but doesn't touch it then it is likely to continue on the path that it was originally going which is towards the upper quartile. If ETH reaches the median and bounces past the lower quartile because it can reverse back down.
This is how I analyzed it. I made a profit on it at 0.085000 where I sold. Stop loss was but a little below previous swing low which was 0.77676.
Please do not be afraid to tell me if am doing it wrong because it was profitable doesn't mean I am doing it right. ALL COMMENTS welcomed.
I am a couple of months new to technical analysis, and this is my first idea that I published to see if am correct on my TA. Any comments ( constructive will be appreciated).
First: On the RSI I recognized a bullish divergence ( with a green line under it), at that price the RSI was above 50 and pointing up. That's one confirmation.
Second, I realized that a down trend with lower lows and I added a channel to it. I realized that ETH broke through the down trend resistance and started a up trend with higher lows, so I made a parallel channel with the uptrend.
Third: I added a pitchfork by using the lowest low then the next high then the following low. At this time i realized that ETH broke out of the uptrend channel and into the lowerend of the pitchfork. I forcasted that ETH would past the resistance zone I created depicted by the two red lines on the chart, and reach the median of the pitchfork. Now if ETH reaches the mean and bounces, then it could go forward into range of the pitchfork. And if it passes the median then reverses back to the median but doesn't touch it then it is likely to continue on the path that it was originally going which is towards the upper quartile. If ETH reaches the median and bounces past the lower quartile because it can reverse back down.
This is how I analyzed it. I made a profit on it at 0.085000 where I sold. Stop loss was but a little below previous swing low which was 0.77676.
Please do not be afraid to tell me if am doing it wrong because it was profitable doesn't mean I am doing it right. ALL COMMENTS welcomed.