Uptrend with volume
What do I see?
I see the uptrend shows power, it includes enough volume and it just broke the local resistance of the previous upswing, aiming for a new higher high.
DMI indicators show that ADX has crossed the -DI line, and MACD is going up.
It is a good buy above 0.00000566.
RSI shows it is bullish and not yet overbought.
The EMA’s are crossing.
All the ingredients for a good trend upward.
The target will be monitored, but I expect the previous swing high is possible.
Risk Reward Ratio:
Entry level: 0.000000567 - 0.0000058
profit target 1: 0.00000627
Stop Loss: 0.0000055
R/R ratio: profit target 1: 1:1.2
I did not enter yet, I have to be patient for a pullback.
When zooming in on a shorter timeframe, we see that RSI is pretty overbought, and I have places my order a bit above +1 ATR. I'm not sure we touch it, and I'm a bit too afraid we won't get to the EMA, because the trend is strong.
It is currently at +3 ATR on the 10m timeframe, so my order around +1 ATR should be picked in a short timeframe pullback. It's place around 0.000057.
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Trade closed manually
I close the trade on break even. I see it is loosing strength and a finger pattern seems to signal a new lower high, and the uptrend is closing up.No win, no loss.
Time will tell, but what I read from the indicators is that we are lossing the strength of the bulls and then I'm out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.