As we can clearly see, in the past we have made higher highs and higher lows.
Now we are at a crutial point, since the last high is not yet broken. if thats the case, I believe we are ready to go all the way to the top of that channel again.
So if price goes above something like 5.80 I have my entry trigger and place my SL somewhere around 5.45 $. Why is the SL so far away? Well, we do have a long trend, a strong trend, but we are close to a support line, and lots of other SL's will be close to that. So if the support breaks it will catch lots of SL's of other traders, and price will fall a bit more, before recovering. To not get stopped out by other peoples SL's, my SL will be a bit below theirs.
Understandable? Disagree? Let me know!
Now we are at a crutial point, since the last high is not yet broken. if thats the case, I believe we are ready to go all the way to the top of that channel again.
So if price goes above something like 5.80 I have my entry trigger and place my SL somewhere around 5.45 $. Why is the SL so far away? Well, we do have a long trend, a strong trend, but we are close to a support line, and lots of other SL's will be close to that. So if the support breaks it will catch lots of SL's of other traders, and price will fall a bit more, before recovering. To not get stopped out by other peoples SL's, my SL will be a bit below theirs.
Understandable? Disagree? Let me know!
Komen:
allright, the support line has broken for now, lets see if its only a test, or a full breach...
Komen:
so for noe, this idea is dead...
If price bounces off the support line at 5.50, that could be another signal for a long position, but I will definitely wait for a clear signal.
I keep you up to date
If price bounces off the support line at 5.50, that could be another signal for a long position, but I will definitely wait for a clear signal.
I keep you up to date
Komen:
we went from 5.50 to 6.10$ what a ride! We are on a pullback right now, but the rally will continue I think
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