Price seems to be in contact with a powerful level of support which has been respected on numerous occasions within this week, also since we are on an uptrend we can assume it will continue especially since retracement has already occurred. RSI is at a fairly neutral position which means it does not favour bullish or bearish movement, and since i have valid analysis indicating price is bullish there is no real reason for price to become bearish.
DISCLAIMER: I am a new trader who has not yet open a live account and this analysis is for my own use and therefore should be considered as a grain of salt.
DISCLAIMER: I am a new trader who has not yet open a live account and this analysis is for my own use and therefore should be considered as a grain of salt.
Trade closed: target reached:
This trade actually worked out very well, i have learnt that when drawing support and resistance it is best to draw a zone as this allows more historical impulsive movements to be captured whereas with a line only things that happen on that line specifically can be taken into account therefore using zones is a more powerful course of action.
Also if you're wondering why price broke the trend line before coming back into profit, a possible reason may have been because the analysis was done on a Saturday and from what i have learnt you shouldn't trade on Mondays or Fridays as they usually move in an unorthodox manner.
Also if you're wondering why price broke the trend line before coming back into profit, a possible reason may have been because the analysis was done on a Saturday and from what i have learnt you shouldn't trade on Mondays or Fridays as they usually move in an unorthodox manner.