This analysis is more of a breakdown of the price action and how it unfolds. I also show here the importance of waiting for signals and all the ingredients that make for a strong case when proposing an entry. Remember that trading assets is not about being right about the setup, but to find an edge that allows you to play the odds in your favor, and to make profit of course. The first thing would be to determine the exit target and criteria for stop loss. The second thing is to determine your entry parameters. You should have a list of things to search for and check them off. Price action pattern in your favor ( up sloping, down sloping, wedge, triangle, flag, etc. )? Is volume having conviction on the move? Are multiple oscillator indicators diverging in your favor on multiple time frames (RSI, MACD, etc) ? Is the candle over support or under resistance? Fibonacci levels? All these things together give us an idea of what people are thinking/doing in the market. The last thing to do is trail the stop loss to lock in profits!
Comment:
I can not believe I forgot about mentioning moving averages! These act as support/resistance levels and can tip us off for the beginning and end stages of trends! I like to use the 13, 21, 55 and 200 EMAs.
case in point, wait for the support. rising channel measured move