Hi fellas,
I just started a long-trade on TRX/BTC.
My thought on the chart is that the bottom was created by the two lows on 16th August 2018 and 12th September 2018.
If the support-level will hold or not I try to figure out with the using of the "Relative-Strength-Index"-Indicator and the small Fibonacci-Retracement (purple).
If the yellow-labled RSI-support-level will NOT be undershot, then I SUPPOSE a up-trend. If not, then I SUPPOSE a down-trend.
In this case I use the RSI to get a sense how the flair of the market is. Due the RSI I get more confidence in my decisions.
My Stop-Loss is closely under the important 61.80% level of the small Fibonacci-Retracement (purple).
If this level will be undershoted, then I will get out and SUPPOSE a pullback to the 0% (blue Fibonacci)) / 100% (purple Fibonacci) level.
Cheers
OtenMoten
I just started a long-trade on TRX/BTC.
My thought on the chart is that the bottom was created by the two lows on 16th August 2018 and 12th September 2018.
If the support-level will hold or not I try to figure out with the using of the "Relative-Strength-Index"-Indicator and the small Fibonacci-Retracement (purple).
If the yellow-labled RSI-support-level will NOT be undershot, then I SUPPOSE a up-trend. If not, then I SUPPOSE a down-trend.
In this case I use the RSI to get a sense how the flair of the market is. Due the RSI I get more confidence in my decisions.
My Stop-Loss is closely under the important 61.80% level of the small Fibonacci-Retracement (purple).
If this level will be undershoted, then I will get out and SUPPOSE a pullback to the 0% (blue Fibonacci)) / 100% (purple Fibonacci) level.
Cheers
OtenMoten