Reason for long
a) Price overlay on MACD histogram indicating that the price pattern at bottom is coincide with the macd histogram bottom. This coincides happened last two time as indicted by green bars. Price tends to repeats its history; Hence long.
b)The 2nd clue from channel bottom: Price tends to move in channel and this is one such perfect example. price rise whenever the price touched to lower channel bottom. Now price touched the lower channel. Hence long.
c) achored VWAP: whenever the price closed above the recent vwap high - provides the strength to the pattern to move higher as evident in previous swing as well. Hence long.
Good risk reward zone and probability is around 70%.
Even with above systematic approach of analysis, price may tends to move irregular fashion. This is because nature and market does not have any rules or law; Human creates the rules to protect himself from natural disasters. Hence StopLoss is needed and is compulsory.
Entry, Position sizing and stoploss are only three main factors that are in control of Humans. We should completely use and apply those three factors, that are in our control.
SL compulsory
a) Price overlay on MACD histogram indicating that the price pattern at bottom is coincide with the macd histogram bottom. This coincides happened last two time as indicted by green bars. Price tends to repeats its history; Hence long.
b)The 2nd clue from channel bottom: Price tends to move in channel and this is one such perfect example. price rise whenever the price touched to lower channel bottom. Now price touched the lower channel. Hence long.
c) achored VWAP: whenever the price closed above the recent vwap high - provides the strength to the pattern to move higher as evident in previous swing as well. Hence long.
Good risk reward zone and probability is around 70%.
Even with above systematic approach of analysis, price may tends to move irregular fashion. This is because nature and market does not have any rules or law; Human creates the rules to protect himself from natural disasters. Hence StopLoss is needed and is compulsory.
Entry, Position sizing and stoploss are only three main factors that are in control of Humans. We should completely use and apply those three factors, that are in our control.
SL compulsory
Trade closed: stop reached