ARN has been looking for a break out and it finally happend!
Now there are 2 profitable scenarios that might happen in the future, which I will only trade based on the price action on that very moment since that can still have a enormous impact since this
is a very speculative trade setup. Trade setup 1, we go in a uptrend and we find our higher low which is likely to be found soon since the and EMA's are indicating on a overextended up movement combined with a indicating a shift in the buying and selling power.
Trade setup 2 is that we completely ignore the potential up trend and go back to sideways movement at the previous bottom which acted as a strong support for a fairly long time period. For each of these setups there are stop losses and buy zones. You could trade both setups but I'd suggest
Going on the lower end of the buy zones if you are going to attempt that, to lower your potential risk of losing funds.
-The trade is based on the golden cross of the 100 and 50
-Break out of the pattern indicating a opportunity for a uptrend
-Support and resistance areas which are crystal clear
-BB over extension and short term uptrend confirmation
-Risk vs Reward ratio
A more aggressive, simplistic and overall speculative trade which is different from my normal trades but it might just pay off, lets watch what is going to happen in the coming weeks!
I'm not using a large for this trade since the risk/reward is great because of the step outside my normal trading strategie.
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