Hi guys, this is my first trading idea. I am extremely new to trading/investing. Would like to take some criticism,feedback and criticism from the community!! Thanks!
Overall i guess it'd likely start to enter a trading range. Why? Because firstly Trump has just officially started his stint as President. There'd be uncertainty + volatility for a period of time. How his policies play out etc + other countries' reaction to his policies(protectionist policies).
TA wise, i my guess is MACD will likely have a cross-over soon - an indication
RSI and stochastic will also likely to be on a downtrend because both of it has recently made a lower high. Both are just starting to transition from overbought levels to perhaps hopefully oversold regions where i'd start to take profits.
However i wouldn't just enter the trade immediately. I will wait for further indication. As of now,there is still a chance that the market will go higher?My reasoning?Because there is a doji on 16-01-17. In my opinion,it is best to wait for further indication perhaps a bearish/bullish candle.
If it is bearish candle,i will enter the short trade on the next trading session's closing price,with my SL being at the 117.5 support level. As for target price, i hope it'd reach 110 and then 105 ~.
However the optimal trade for me would be to enter after the market does a false breakout of the 117.5 support level. Then the long traders would be stuck. I may enter at the 117.5 level or below it,but never above. With my SL being at around the 120 levels. Target price would be similar.
Thanks!
Overall i guess it'd likely start to enter a trading range. Why? Because firstly Trump has just officially started his stint as President. There'd be uncertainty + volatility for a period of time. How his policies play out etc + other countries' reaction to his policies(protectionist policies).
TA wise, i my guess is MACD will likely have a cross-over soon - an indication
RSI and stochastic will also likely to be on a downtrend because both of it has recently made a lower high. Both are just starting to transition from overbought levels to perhaps hopefully oversold regions where i'd start to take profits.
However i wouldn't just enter the trade immediately. I will wait for further indication. As of now,there is still a chance that the market will go higher?My reasoning?Because there is a doji on 16-01-17. In my opinion,it is best to wait for further indication perhaps a bearish/bullish candle.
If it is bearish candle,i will enter the short trade on the next trading session's closing price,with my SL being at the 117.5 support level. As for target price, i hope it'd reach 110 and then 105 ~.
However the optimal trade for me would be to enter after the market does a false breakout of the 117.5 support level. Then the long traders would be stuck. I may enter at the 117.5 level or below it,but never above. With my SL being at around the 120 levels. Target price would be similar.
Thanks!