ALGO - Purple War Zone! Update!

22 Mei 2021

As per my last analysis (attached below), we were waiting for ALGO to approach our lower green zone to look for buy setups OR break the upper green zone to look for buy setups on its retest.

ALGO followed the first Scenario and now sitting around the lower green zone.

so here is my updated Trading Plan:

Scenario 1 - Purple : (Lower Green Zone - 0.900)
Since ALGO is sitting around the lower green zone and round number 1.0, I will be looking for buy setups now.

Scenario 2 - Red : (Lower Blue Zone - 0.500)

Or if ALGO breaks below the green zone, then I will be looking for buy setups as it approaches the lower blue zone.

As per my trading style:
As ALGO approaches one of the circles, (purple or red) I will be looking for reversal buy setups (like a double bottom pattern, trendline break, and so on...)

Always follow your trading plan regarding entry, risk management, and trade management.

What do you think? Which scenario is more likely to happen?

All Strategies Are Good; If Managed Properly!
~Rich

22 Mei 2021

Nota

Previous Idea: