On the daily chart we can see that price is in a very important zone now. From the bottom the market is supported by the uptrend line 1 and the support level. The downtrend line is a barrier for possible upward movement. We have to watch for price action in this zone more closely. Because the direction of a breakout will show us further price movement. If the market breaks the uptrend line 1, we'll see downward movement to the uptrend line 2. This support line also will be able to stop and reverse the falling market. If we get a confirmed reversal signal from the uptrend line 2, we'll be able to think about buying from these levels. If the market bounces from the uptrend line 1 and then breaks the downtrend line, we'll get confirmation for further upward movement and a buy signal. Stop orders for all long trades must be placed below the local swing lows. Profit targets should be the resistance levels.
It bounces off uptrend line 1 right now. How to confirm uptrend? How many candels on the hourly chart?
BDeep
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I like
abuhossam1000
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Keep? Or exit ???
abuhossam1000
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Any update?
Best regards
usra
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@DLavrov thank you. It's a pleasure to read your Trading ideas. So well explained.
lc_parente
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CREEPles! I had positioned some buy orders, too >.<'
rdewolff
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Not much volume supporting your idea.
ers-Kirus
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@rdewolff, my thoughts exactly but everyone is either holding or selling right now... I think after tomorrow things will pick back up... or we'll all be screwed! haha