New minor uptrend?
Updated
Hi traders,
You see the important levels in the chart. The dashed ones are relatively weaker than the straight ones. If the price make breakout the return area, I can say that the major uptrend is starting.
For now, the new minor uptrend has started by making new higher high. I will expect that the price will fall back on the yellow area. It is good place to take a position until the minor uptrend is finished.
Stay Safe.
You see the important levels in the chart. The dashed ones are relatively weaker than the straight ones. If the price make breakout the return area, I can say that the major uptrend is starting.
For now, the new minor uptrend has started by making new higher high. I will expect that the price will fall back on the yellow area. It is good place to take a position until the minor uptrend is finished.
Stay Safe.
Note
It bounces the point as drawn. Unfortunately, I missed the opportunity to SHORT. However, as i said, I am gonna LONG from the yellow area if I see the huge volume around this area. ( Note: Huge volume bars compared to past 4-5 bars means that Bulls do not want price to fall more and try to rise it. That is the most important indicator for me to understand if the support or resistance will hold the price or not.Trade active
Hope you make some profit. The price goes as expected. I am planning to hold it for now. When I decide the trend is broken out, I will sell.Note
Everything goes as expected. I closed 50% of my position due to the possibility of rising wedge and I put a stop loss just below the dashed line.
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