I prefer a 4hour timeframe for analysis due to strong confirmation in trend.
However, we must practise the top-down analysis, analyse the market phase..identify the reversal candlestick, volume, fundamental etc..
Market moving in chaotic behaviour..it will never be easy.
This counter has been breached the resistance..
Re-entry Trading Plan :
1. We looking for the price retrace at fibo 38.2 ~ 61.8.
2. Price rejects EMA's but must above SMA50
3. Ultra-low volume is the key area to enter the market.
4. Bonus if Stochastic is overbought.
5. Exit if price counter the plan.
However, we must practise the top-down analysis, analyse the market phase..identify the reversal candlestick, volume, fundamental etc..
Market moving in chaotic behaviour..it will never be easy.
This counter has been breached the resistance..
Re-entry Trading Plan :
1. We looking for the price retrace at fibo 38.2 ~ 61.8.
2. Price rejects EMA's but must above SMA50
3. Ultra-low volume is the key area to enter the market.
4. Bonus if Stochastic is overbought.
5. Exit if price counter the plan.
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