It can not be as straight as a line If I watch the pullback of this trend line breakout and the correction was to deep and have doubts because the price is now below the trend line but later now that the price again is above the trend line immediately my bias become bullish and I have more evidence to support my sentiment: I have a high volume bar, accompanied with a considerable intraday gap in the same day, and a double bottom in progress and the most important again is that the price is above the trend line he recovered for the doubts he is bullish again.
By last the horizontal resistance line in 3.80 area approximately in my opinion is not a price target is and obstacle if the intention is to buy and hold for a more longer time with a more ambitions price target. Why ?
because the down trend line breakout have a duration of four years and two months and if I wait all this time for open a swing trade for a few weeks and with a 3.80 price target only, what am I doing. This idea is for position trading (Months)
I always start from a weekly chart then a daily chart and a 4 hours too in a discretionary mode (Manual) . I use a combinations of different moving averages for every time frame.
This is my daily chart moving averages combination
https://www.tradingview.com/chart/VEIBUXco/
By last the horizontal resistance line in 3.80 area approximately in my opinion is not a price target is and obstacle if the intention is to buy and hold for a more longer time with a more ambitions price target. Why ?
because the down trend line breakout have a duration of four years and two months and if I wait all this time for open a swing trade for a few weeks and with a 3.80 price target only, what am I doing. This idea is for position trading (Months)
I always start from a weekly chart then a daily chart and a 4 hours too in a discretionary mode (Manual) . I use a combinations of different moving averages for every time frame.
This is my daily chart moving averages combination
https://www.tradingview.com/chart/VEIBUXco/