RSI on 3 hour chart is on its half way from an oversold area. On 6 hour chart there is only a beggining of the changed direction. This is a very high game with strong temptation to get in. We need to realize that market was pushing full speed ahead for the last few days and yesterday we started to see first signs of exhaustion.
If you managed to stay out yesterday give it at least one more day till the momentum of the previous growth will disappear. If we hit the 6.00 area I would enter the market after a strong confirmation of changing the dirrection. Watch stochastic RSI closely. 3 hour chart could help together with high volume and a few decisive green canles on 5 - 10 min chart.
Use your Risk - Reward management rules and tools. It is very easy to lose money in this type of conditions.
Thank you for watching. Don't be shy to give me a feedback. Greatly appreaciated.
Good luck and peace!
If you managed to stay out yesterday give it at least one more day till the momentum of the previous growth will disappear. If we hit the 6.00 area I would enter the market after a strong confirmation of changing the dirrection. Watch stochastic RSI closely. 3 hour chart could help together with high volume and a few decisive green canles on 5 - 10 min chart.
Use your Risk - Reward management rules and tools. It is very easy to lose money in this type of conditions.
Thank you for watching. Don't be shy to give me a feedback. Greatly appreaciated.
Good luck and peace!
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Same rules apply if the market manage to break up the channel - higher risk.
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I followed the chart and entered the market at 5.87. First target 7.47, Stoploss 5.6,
Risk/Reward ration 1:3, Target 30%
Risk/Reward ration 1:3, Target 30%
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First target hit - Sold 50% of holdings. Rebuying back at 7.07