SPOT Newbie Analysis [5 Sep 2021]
I know a lot of traders are bullish on this, however I can't see the breakout of the downtrend yet.
Any advise?
Wait for price confirmation or enter with a tight stop loss.
- Current price 251.23 is still within the two downtrend Line.
- Current price hit resistance on 150/200 Daily EMA.
- Daily still show strong bullish candle.
[I]I was in a lost trade during the downtrend, and manage to turnaround and sold it at a good profit during the trend reversal. Re-entry and sold it off again on 3 Aug when there is a slight pullback.
Trying to learn to put in more effort in risk management after few lost trades.[/I]
Plan
Thinking to enter the trade at suport level between 243.32 - 246.18 with a tight stop loss.
If it goes well, it should go above 277.67, otherwise a bearish double top will form.
Stop Loss
-3
Price Target
- 277.67 (previous high)
This is not financial advice.
Please be kind, I am really new and welcome constructive feedback:)
Any advise?
Wait for price confirmation or enter with a tight stop loss.
- Current price 251.23 is still within the two downtrend Line.
- Current price hit resistance on 150/200 Daily EMA.
- Daily still show strong bullish candle.
[I]I was in a lost trade during the downtrend, and manage to turnaround and sold it at a good profit during the trend reversal. Re-entry and sold it off again on 3 Aug when there is a slight pullback.
Trying to learn to put in more effort in risk management after few lost trades.[/I]
Plan
Thinking to enter the trade at suport level between 243.32 - 246.18 with a tight stop loss.
If it goes well, it should go above 277.67, otherwise a bearish double top will form.
Stop Loss
-3
Price Target
- 277.67 (previous high)
This is not financial advice.
Please be kind, I am really new and welcome constructive feedback:)
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