I. Analysis
1. Stock on a healthy uptrend, trading above and finding support at 50MA - trend and structure identified
2. Previous resistance now tested twice and held as new support + 50 MA converging in this area and acting as support - value zone identified
3. Bullish Pinbar with a strong price rejection at the abovementioned emerged as an entry trigger and a value zone determinant simultaneously - entry trigger identified
We are trading with the trend, from a value are with an entry trigger.
II. Trade
1. Enter next candle on the daily timeframe
2. SL 1ATR below the relevant support level drawn
3.TP next swing high or on a cross below and hold of the 50MA for trend followers
Plsd to hear yr comments.
1. Stock on a healthy uptrend, trading above and finding support at 50MA - trend and structure identified
2. Previous resistance now tested twice and held as new support + 50 MA converging in this area and acting as support - value zone identified
3. Bullish Pinbar with a strong price rejection at the abovementioned emerged as an entry trigger and a value zone determinant simultaneously - entry trigger identified
We are trading with the trend, from a value are with an entry trigger.
II. Trade
1. Enter next candle on the daily timeframe
2. SL 1ATR below the relevant support level drawn
3.TP next swing high or on a cross below and hold of the 50MA for trend followers
Plsd to hear yr comments.