NEO/USD IDEA ON HOW TO TRADE
Here i've put my ideas on how to trade the NEO/USD pair. Keep in mind i'm an amateur trader who's been learning for a few months but just now started publishing. This is in fact my first published idea.
Anyway, here's my thoughts:
A resistence appears to be found at the 50$ level, and DMI, and MACD don't seem to show great upward trend. It is confirmed by ADX which is under 25, letting us know that there's no active trend right now (neither down or up).
I've listed possible retracement points to where it can drop but quickly recover at fibo 0.50 and fibo 0.38.
The first support seems to be a possible reversal zone and long opportunity, but if the price drops to such levels we must wait untill DMI , MACD and RSI confirm a price reversal.
If its the case, more conservative traders will even wait untill ADX is above 25 to confirm a strong upward trend, just then opening long trades. Same thing goes for second support.
Share your thoughts and help me out if you think i've done something wrong. This analysis is not supposed to be an trade recommendation but rather an attempt to discuss and test my recent trade knowlegdes. Lemme know what you think !
Anyway, here's my thoughts:
A resistence appears to be found at the 50$ level, and DMI, and MACD don't seem to show great upward trend. It is confirmed by ADX which is under 25, letting us know that there's no active trend right now (neither down or up).
I've listed possible retracement points to where it can drop but quickly recover at fibo 0.50 and fibo 0.38.
The first support seems to be a possible reversal zone and long opportunity, but if the price drops to such levels we must wait untill DMI , MACD and RSI confirm a price reversal.
If its the case, more conservative traders will even wait untill ADX is above 25 to confirm a strong upward trend, just then opening long trades. Same thing goes for second support.
Share your thoughts and help me out if you think i've done something wrong. This analysis is not supposed to be an trade recommendation but rather an attempt to discuss and test my recent trade knowlegdes. Lemme know what you think !
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