Hi Guys
My first ever post! I have been self teaching a few principles and wanted to put my ideas out there to get constructive criticism and develop my skill set and thinking attitudes better - all ideas are being tested on a demo account.
Principally the Pound has been falling for some time now and whilst the 50, 150 EMA show a bearish trend, I opted for a buy for the following reasons:
1. Support line since 2020 - 1.2000 has not been breached since 2020 and subsequently the bullish trend from here has been great.
2. High level of bearish trend below 50 and 150 EMA - with the bears there comes the bull, I believe there will be a test of the 1.25 region before either a further bearish trend or continuation to the north of 1.25 ... time will tell.
3. Slow and gradual positive movement from the stochastic indicator - whilst the positioning is not prime, there are strong movements to the upward rise of the stochastic, subsequently providing me with a safety blanket for my thinking.
NB:
Resistance line is not inputted correctly on my chart - should be at 1.25
Pointers I would love to hear from you guys:
Would you support a trade based on this thinking?
What factors do you think I have missed?
Thanks
RR
My first ever post! I have been self teaching a few principles and wanted to put my ideas out there to get constructive criticism and develop my skill set and thinking attitudes better - all ideas are being tested on a demo account.
Principally the Pound has been falling for some time now and whilst the 50, 150 EMA show a bearish trend, I opted for a buy for the following reasons:
1. Support line since 2020 - 1.2000 has not been breached since 2020 and subsequently the bullish trend from here has been great.
2. High level of bearish trend below 50 and 150 EMA - with the bears there comes the bull, I believe there will be a test of the 1.25 region before either a further bearish trend or continuation to the north of 1.25 ... time will tell.
3. Slow and gradual positive movement from the stochastic indicator - whilst the positioning is not prime, there are strong movements to the upward rise of the stochastic, subsequently providing me with a safety blanket for my thinking.
NB:
Resistance line is not inputted correctly on my chart - should be at 1.25
Pointers I would love to hear from you guys:
Would you support a trade based on this thinking?
What factors do you think I have missed?
Thanks
RR