Strong up trend but maybe a moment to find a better price to buy
Updated
We have a strong trend line and head & shoulders pattern at the end. If price breaks the "neckline" of head & shoulders pattern which is in the same level as the trend line there is a great chance that the price will fall to the level of 2.5908.
In short if the price falls below 3.7366, I would open a short position, I waited for a price drop to 2.5908 and I would close the short position. In this way, I would earn a profit and cover the possible minus in the previous position. After a closed short position, I would follow the events and better position myself for a long-term long position.
In general, I think it's better to be in a long position, but maybe it's a moment that we can use to close the trade in the short run so that we get a better entry price in the long run.
In short if the price falls below 3.7366, I would open a short position, I waited for a price drop to 2.5908 and I would close the short position. In this way, I would earn a profit and cover the possible minus in the previous position. After a closed short position, I would follow the events and better position myself for a long-term long position.
In general, I think it's better to be in a long position, but maybe it's a moment that we can use to close the trade in the short run so that we get a better entry price in the long run.
Trade active
neckline was broken, price returned to the neckline and this is the perfect place for short - sell position!Stop loss is small - just above the neckline and Take profit is far away...
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.