What do I see? I see the uptrend shows power, it includes enough volume and it just broke the local resistance of the previous upswing, aiming for a new higher high.
DMI indicators show that ADX has crossed the -DI line, and MACD is going up. It is a good buy above 0.00000566.
RSI shows it is bullish and not yet overbought.
The EMA’s are crossing.
All the ingredients for a good trend upward.
The target will be monitored, but I expect the previous swing high is possible. Risk Reward Ratio:
Entry level: 0.000000567 - 0.0000058
profit target 1: 0.00000627
Stop Loss: 0.0000055
R/R ratio: profit target 1: 1:1.2
I did not enter yet, I have to be patient for a pullback. When zooming in on a shorter timeframe, we see that RSI is pretty overbought, and I have places my order a bit above +1 ATR. I'm not sure we touch it, and I'm a bit too afraid we won't get to the EMA, because the trend is strong. It is currently at +3 ATR on the 10m timeframe, so my order around +1 ATR should be picked in a short timeframe pullback. It's place around 0.000057.
Question: Do you like this trade idea? Please give it a thumbs up! I would love to know if it was useful for you! If you can do so, I am thanking you in advance!
Trade closed manually
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I close the trade on break even. I see it is loosing strength and a finger pattern seems to signal a new lower high, and the uptrend is closing up.
No win, no loss.
Time will tell, but what I read from the indicators is that we are lossing the strength of the bulls and then I'm out.
Thansk man!! Yes was really useful to me. I opened a position yesterday around 1pm. And I’ve been buying low selling high. I knew it was it’s time to go high! I just didn’t know where to set my last take profit. Now I know. Thanks again!!
Tornado_Trading
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@Ozbo1776, HI, good to hear! Yes, it was a nice ride up today. It will continue after the current heavy consolidation. Stoploss can be raised, if set, to the latest swing low.