General FNMAS recently visited the bottom of the range. While i personally would prefered a dip under it - didnt happened yet - we shall see. So far i will stay on the sidelines aslong price didnt break above "Area 1".
Another potential buy for me would be if price breaks above the 50% of the range and generates a higher swing.
1. Long (Black arrow) Price moves above "Area 1" and generates a higher swing (Generated Swing). I could also see a break above "Area 1", dip under it and another retake and then going higher. Doenst matter, the plan stays with the break above the "generated swing"
Target: A bit under the s/r level that also worked as starting point of the last downtrend. SL: After we broke above the Higher Swing (Generated Swing) i dont want price to go lower than "Area 1" Time duration: Days, weeks, months, years... ;)
2. Long (Blue arrow) Price moves above the 50% of the range and generates a higher swing (Generated Swing). The 50% level should also hold or atleast beeing retaken shortly after dipping under it.
Target: Next s/r level that also was the starting point of the last downtrend in confluence with a bigger s/r level SL: A bit under area 1 Time duration: Days, weeks, months, years... ;)
Good luck
Disclaimer: - This information does not constitute as financial advice and is only for entertainment purposes. I am not your financial advisor. - You trade entirely at your own risk - Make your own research - Finance and trading is evil, capitalism is bad, duh