Another trend to follow

As we can clearly see, in the past we have made higher highs and higher lows.

Now we are at a crutial point, since the last high is not yet broken. if thats the case, I believe we are ready to go all the way to the top of that channel again.

So if price goes above something like 5.80 I have my entry trigger and place my SL somewhere around 5.45 $. Why is the SL so far away? Well, we do have a long trend, a strong trend, but we are close to a support line, and lots of other SL's will be close to that. So if the support breaks it will catch lots of SL's of other traders, and price will fall a bit more, before recovering. To not get stopped out by other peoples SL's, my SL will be a bit below theirs.

Understandable? Disagree? Let me know!

Comment:

allright, the support line has broken for now, lets see if its only a test, or a full breach...

Comment:

so for noe, this idea is dead...

If price bounces off the support line at 5.50, that could be another signal for a long position, but I will definitely wait for a clear signal.

I keep you up to date

Comment:

we went from 5.50 to 6.10$ what a ride! We are on a pullback right now, but the rally will continue I think