Price reached the uptrend line and we got a reversal candlestick pattern. We can place buy-stop orders above the high of this signal candle - it's 340.00 level. If the market moves up, our profit target should be at the resistance level. Stop orders for long trades must be below 274.00 level. If price breaks the uptrend line, we'll have to watch at price action near Fibo levels. If we see price reversal from these levels, we'll have new buy signals. Just one thing, all price reversals should be confirmed by RSI and candlestick patterns. For short trades, they can be placed only near the resistance level after getting sell signals.
P.S. If you think this information can be useful, please, like it and share. Also I will be glad to read your comments )
@mgongora23, RSI suggests oversold, but the expert should weigh in here. Awesome charts by the way!
DLavrov
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@Lucdoh, you are right, RSI is in oversold zone, but don't forget when we have strong price movement, RSI can stay in zones for some time. Thanks for your comment )
NotMeToday
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@DLavrov, Thanks for the tip! I am just starting to learn TA so it is much appreciated. Following you closely since a couple days ago :)
Michiel1989
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going up from here?
Sasa1
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Very useful, many tnx!
bullonwall
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Thanks for your great insights! What are your thoughts following today's dip to $260 and the bounce back?
Michiel1989
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@bullonwall, same thought here, I'm still waiting for the drop