RSR has been in a sort of downtrend since March. We may be at the bottom. If RSR holds support at the green box (both 4r and Daily support area), then I think this may be the bottom. 4hr RSI and Stock RSI holding trend and reset with a lot of way to run. I've opened a long here. If it goes through the bottom of the box-- I will close the long and revisit at a lower level.
If it holds support, it will go upwards significantly. I will look take half of my long off the table at take profit 1. Set a stop loss, and let the other half ride up to the potential problem area I've indicated. There is a strong trend line there that may act as resistance as well as a fib level.
If it rejects there, I will close my long or my stop loss will.
If it breaks through with a 4 hour candle close and no immediate drop, I will add to my position. If it retests the line or several candle closes above, I will add heavily.
If it holds support, it will go upwards significantly. I will look take half of my long off the table at take profit 1. Set a stop loss, and let the other half ride up to the potential problem area I've indicated. There is a strong trend line there that may act as resistance as well as a fib level.
If it rejects there, I will close my long or my stop loss will.
If it breaks through with a 4 hour candle close and no immediate drop, I will add to my position. If it retests the line or several candle closes above, I will add heavily.
Order cancelled:
Quick answer to that question. Trade cancelled will regroup
Trade active:
Ok-- I jumped the gun a little. The 4 hour pulled back into range. Lets see how this closes.
Comment:
4 hour closed above the green box. Good sign. Lets see if we can get another one or a retest as support
Comment:
Ok-- we've had 4 hr closes above the green box, retest and support. And now looking likely we continue on our way. All good signs
Trade closed: target reached:
Finally we hit Take Profit 1. take profit 2 would have hit the stop you (hopeuffly moved up and closed the second half higher. It's now consolodating low, but looks great going forward. However, this particular trad is competed.