MPLX trade ideas
MPLX Updated AnalysisMarket Gaped Down and now formed pinbar on 50EMA. Buying with break of this pinbar.
NYSE:MPLX
Reviewing Succesful Swing trades - $MPLX -several factors came together to make this a successful swing trade.
I use Stochastics and CCI together to generate buy signals once they both have crossed out of the lower territory. If you would like to see more of this strategy please see my AMD chart I posted back in June
rsi helped bias the trade. could not give signals thou becasue it was bouncing. different rsi moving averages would have been interesting to explore
No explosive signals from MACD recently Teachings come from Eric Muathe's MACD playlist on youtube. I highly recommend.
You will note that the most recent buy signal was a good one because the cross occurred outside of the trendline. We know this tends to be a good signal from back testing.
Always draw your trend lines when using MACD. Sometimes you will that they are not that helpful. For example I drew a trendline from essentially the start of the MACD and connected it to several points as it rallied. It had a trendline break which you could have sold because of; But it was not that strong of a signal. You would want to stay long instead. It got you out one week before the bottom (from 65 to 55).
This was just for practice for me.
Make comments if you have any.
Weekly Chart - Price action Resistance, MACD resistance, and RSI$MPLX weekly chart here. Really been breaking down over the past couple of week. Most important areas on the weekly look to simply be the price action S&R levels.
Note the MACD resistance line I drew. Still trying to back test that strategy of a MACD resistance line.
Maybe the start of a new trading range here. We will see. The orange resistance line may be off by a few cents, but the general placement is correct.
Would be interested to see what the stochastic would show us.
Any one have any comments on my price action analysis? Did I miss an major chart patterns???
