MANA - Long Set Up Trade IdeaThanks for dropping by. Hope you find value from this post.
Here's an idea for setting up a long position with this asset.
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Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advise to buy Bitcoin, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
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Chart: 1 Day, Candle Sticks
Tools:
Extended Trend Line (White Line)
Horizontal Ray Line
Moving Average: 12 MA
MACD: Setting - 4HR TF (Time Frame)
Stoch RSI: Setting - 1Day TF
Rules:
1. Price must breakout of the White Extended Trend Line.
2. Price must go above and stay above the Yellow Horizontal Ray Line.
3. Price must stay above the 12 MA
4. MACD must have a Bullish Divergence
5. Stoch RSI should be coming from the Oversold Region and a momentum directed upwards.
All rules must be fulfilled to be able to confirm an entry for a long position, otherwise it's a NO GO.
Once a position has been placed, it is...
VERY IMPORTANT TO PLACE A STOP LOSS (My preference is 2.5% - 3%)
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balance is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
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Happy Yuletide Season!
More power to all your trades, my friends!
Ron
Intrepid_Trader
