MANA - Bulls Are Loading Up And This Rocket's Almost Fueled UpHope 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 advice to buy MANA, 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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MANA is coiling up and pressure is now building up. The indicators are screaming BULLISH.
Chart: 4 HR, Candle Sticks
Tools:
Extended Trend Line (White Descending Trend Line )
Horizontal Ray Line (Dashed Yellow Line)
Moving Average: 50 MA
MACD: Setting - 4HR TF (Time Frame)
RSI: Setting - 4HR TF
Fibonacci Tool: Fib Retracement
Targets:
4.0
4.3
4.7
Rules:
1. Price must stay above White Descending Extended Trend Line .
2. Price must GO ABOVE and STAY ABOVE the Yellow Horizontal Ray Line.
3. Price must GO ABOVE and STAY ABOVE the 50 MA
4. MACD must have a Bullish Divergence
5. RSI must GO ABOVE and STAY ABOVE 40 Level.
6. RSI must have a Bullish Divergence .
(Currently, there is a Bullish Divergence present on both the MACD and RSI).
All rules must be fulfilled to be able to confirm an entry for a long position, otherwise it's a NO GO.
Preferred Entry Levels: 3.44
Once a position has been placed, it is...
VERY IMPORTANT TO PLACE A STOP LOSS (My preference is 2.5% - 3%)
Furthermore, we want the RSI level to go above the 50 Level and stay above it for the rest of the bullish move.
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
