This analysis is for self-assessment
Today I am taking an open position on long as the setup has been confirmed at 1h timeframe with reasons broken down below
A. Price Action
- the price bounced back upwards when it touched the price of 1719.37 which makes it as the support level
-> To confirm that the price will move upwards, two indicators are used for the purpose of leading indicator (predictive) and lagging indicator (historical)
B. Historical indicator
- MACD - The MACD created a bullish crossover
C. Predictive indicator
- RSI - The RSI line has touched the oversold line and it creates a bullish crossover
Trade plan
OP: 1726.19
Stop loss: at the support level - 1719.37
TP ratio: 1.51 which is at the price of - 1736.27
Note: Mark the OP price at 1hr timeframe, zoom out to 4h for TP ratio adjustment
Today I am taking an open position on long as the setup has been confirmed at 1h timeframe with reasons broken down below
A. Price Action
- the price bounced back upwards when it touched the price of 1719.37 which makes it as the support level
-> To confirm that the price will move upwards, two indicators are used for the purpose of leading indicator (predictive) and lagging indicator (historical)
B. Historical indicator
- MACD - The MACD created a bullish crossover
C. Predictive indicator
- RSI - The RSI line has touched the oversold line and it creates a bullish crossover
Trade plan
OP: 1726.19
Stop loss: at the support level - 1719.37
TP ratio: 1.51 which is at the price of - 1736.27
Note: Mark the OP price at 1hr timeframe, zoom out to 4h for TP ratio adjustment
Trade active
The OP has been opened prior publishing this ideaTrade closed: target reached
To be honest, I was quite surprised with the result as it takes within an hour. This might mark a good step for my trading setup tuningFactors that are involved:
- patience in waiting all indicators give the same direction
- Awareness of any upcoming news that might affect the price movement
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.
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.