Hi Traders!
The market is moving in a daily Range.
Some times before, it broke the weekly ascending Trendline.
After the retest, it is moving in a Range right now.
Inside this Range, an ascending Channel developed.
We expect the Price to Break the Channel.
This is reasoned by following aspects:
The market is moving in a daily Range.
Some times before, it broke the weekly ascending Trendline.
After the retest, it is moving in a Range right now.
Inside this Range, an ascending Channel developed.
We expect the Price to Break the Channel.
This is reasoned by following aspects:
- The market was trending up the whole recent time.
After the Range, it should change its Trend. (--> Long Term)
- We have a strong Resistance Level. (--> Mid-term)
- The market often behaves in a same way.
When we have a Bearish Flag Pattern, the Flag is often ascending.
People say that it is better that the Flag is ascending than moving sidewards.
In this scenario, we also have an ascending Channel and we expect a Down-movement,
just like in the Bearish Flag Pattern. (--> Short-Term)
The Trading Plan could possibly be:
- Wait for an Up-Movement
We do not have any indication by indicators yet that the markets
its going to change its trend. MACD and RSI aren't showing
Divergence yet. The MAs aren't meaningful either, because the market is ranging.
So that means, that the market will possibly make an Up-Movement.
Then Enter.
- Part TP @ Bottom
It is possible that the market turns at the Bottom of the Channel.
That's why you could partly size out your position.
- Wait for Breakout
Finally, with the remaining position size, you can wait for the Breakout.
You're Entry was very high and this trade can give you a high RTR ratio.
If you have any thoughts about the plan, let us know!
Thanks and successful Trading :-)!
