We've got a ton of markers happening here signalling an incoming counter-trend (from bearish to bullish).
SIGNALS:
1. Double/triple bottoms (depends on how you look at it) testing a long-term support level over and over.
2. RSI shows a clear bullish divergence happening right now.
3. Steep decline trendline hits all the retracements' highs beautifully.
GETTING INTO THE TRADE:
The moment I get a candlestick with a higher high and a higher close than the current resistance level present in the range and above the falling wedge trendline, I'll buy and ride the bull trend.
GETTING OUT OF THE TRADE:
1. Stops should go 20-30 pips below the current support level in case the market decides to freefall down right after it breaks above the trendline.
2. If the market picks up the bullish trend, I'll trail the stops after each retracement, placing them just below the newly formed support levels.
SIGNALS:
1. Double/triple bottoms (depends on how you look at it) testing a long-term support level over and over.
2. RSI shows a clear bullish divergence happening right now.
3. Steep decline trendline hits all the retracements' highs beautifully.
GETTING INTO THE TRADE:
The moment I get a candlestick with a higher high and a higher close than the current resistance level present in the range and above the falling wedge trendline, I'll buy and ride the bull trend.
GETTING OUT OF THE TRADE:
1. Stops should go 20-30 pips below the current support level in case the market decides to freefall down right after it breaks above the trendline.
2. If the market picks up the bullish trend, I'll trail the stops after each retracement, placing them just below the newly formed support levels.