Hi Guys, been trading quite frequently recently. Thought id post this to help with my education. :) This is strictly for educational purposes and by no means financial advice.
But as a gamer myself and having familiarity with this stick. Thought id post this potential trade. (Which i am currently in) This is strictly TA based.
So this is on the 8 hour timeframe. But i took this trade because the daily is oversold as well on many metrics i utilize which ill discuss here.
So as you can see the price had a major engulfing candle down to the level of .5 fib retracement that incorporates price action since July 2018, highlighting this long term sideways action. Price action is now starting to move above. Indicating buying pressure at this level. (indicated by the lime green line)
It also reached near this support red line that has been support since roughly April 2020.
Also notice the green box highlighting the red engulfing candle, this refers to the GAP in the daily, that i believe we will trace back up to.
Indicators:
Now notice the RSI, is oversold, forming bullish divergence with price. (its also oversold on the daily)
Now the next 3 are momentum indicators:
MACD showing signs of increased bullish momentum.
ADX showing bearish momentum, i would wait for a cross of the green line but since im treating this trade as a swing trade, i went ahead and opened positions. Since my MACD , STOCH are nearing end of bearish momentum and RSI is oversold.
Stoch RSI also close to crossing over the 20 level which indicates bullish momentum picking up.
Overall my target here is around $128. My stop is below the RED SUPPORT LINE.
Hope this was insightful. Let me know if yall are in this trade too and if so what your seeing! Lets discuss TA :D.
****Again this is not financial advice and remember to use stop losses when trading.
Thanks.
Saf
But as a gamer myself and having familiarity with this stick. Thought id post this potential trade. (Which i am currently in) This is strictly TA based.
So this is on the 8 hour timeframe. But i took this trade because the daily is oversold as well on many metrics i utilize which ill discuss here.
So as you can see the price had a major engulfing candle down to the level of .5 fib retracement that incorporates price action since July 2018, highlighting this long term sideways action. Price action is now starting to move above. Indicating buying pressure at this level. (indicated by the lime green line)
It also reached near this support red line that has been support since roughly April 2020.
Also notice the green box highlighting the red engulfing candle, this refers to the GAP in the daily, that i believe we will trace back up to.
Indicators:
Now notice the RSI, is oversold, forming bullish divergence with price. (its also oversold on the daily)
Now the next 3 are momentum indicators:
MACD showing signs of increased bullish momentum.
ADX showing bearish momentum, i would wait for a cross of the green line but since im treating this trade as a swing trade, i went ahead and opened positions. Since my MACD , STOCH are nearing end of bearish momentum and RSI is oversold.
Stoch RSI also close to crossing over the 20 level which indicates bullish momentum picking up.
Overall my target here is around $128. My stop is below the RED SUPPORT LINE.
Hope this was insightful. Let me know if yall are in this trade too and if so what your seeing! Lets discuss TA :D.
****Again this is not financial advice and remember to use stop losses when trading.
Thanks.
Saf
Comment:
oh i forgot to mention also that i will take 50% profit at the .618 FIB level. and let the rest ride.
Comment:
Also note that we are printing a bullish engulfing candle on the daily. Indicating that people like this area for buying.
