Hi traders, please let me know what you think of my trade analysis below, I am wanting to improve my TA and would greatly appreciate all feedback and ideas.
As you can see on the chart ONT has been correcting for some time and has now found itself at the .786 fib. We have seen a small bounce already however its hardly significant enough to confirm and restored uptrend, so I am currently buying a small position at the first buy zone. If the fib fails, we have a strong uptrend support below that has been validated before and gives us confidence that it will hold. Our stop loss is set just below here if it too fails.
Will wait for a uptrend confirmation in the candlesticks before entering a larger position. I will move my stop up with price over time as we approach the recent high.
RSI is very low and the last time it was at this level we at least saw a small bullish move.
As you can see on the chart ONT has been correcting for some time and has now found itself at the .786 fib. We have seen a small bounce already however its hardly significant enough to confirm and restored uptrend, so I am currently buying a small position at the first buy zone. If the fib fails, we have a strong uptrend support below that has been validated before and gives us confidence that it will hold. Our stop loss is set just below here if it too fails.
Will wait for a uptrend confirmation in the candlesticks before entering a larger position. I will move my stop up with price over time as we approach the recent high.
RSI is very low and the last time it was at this level we at least saw a small bullish move.