Hello everyone,
BINANCE:MTHBTC also seems ready to make a move.
As shown in the chart it is currently resting at a level of Daily Support which is currently holding.
In addition, note the very clear green trend line created over the last few days. A fantastic and simple tactic which further validates trend lines is identifying Higher Highs (HH), Higher Lows (HL), Lower Highs (LH) and Lower Lows(LL).
Consecutive HH's and HL's clearly indicate that we are in an uptrend. On the contrary, LH's and LL's indicate we are in a downtrend.
If a high is followed by a lower high or a low is followed by a higher low then we can say that there is potential for trend reversal.
As we can see, BINANCE:MTHBTC is just about to meet the green trend line again which is strong since it has been contacted multiple times.
The most recent candles also indicate that support is holding and a possible reversal is on the way.
I would wait for another 4 Hour candle to close. If green, I will be entering the position as shown, taking profit at the next 4 Hour Resistance.
Stop loss must be set below the support level.
All the best!
BINANCE:MTHBTC also seems ready to make a move.
As shown in the chart it is currently resting at a level of Daily Support which is currently holding.
In addition, note the very clear green trend line created over the last few days. A fantastic and simple tactic which further validates trend lines is identifying Higher Highs (HH), Higher Lows (HL), Lower Highs (LH) and Lower Lows(LL).
Consecutive HH's and HL's clearly indicate that we are in an uptrend. On the contrary, LH's and LL's indicate we are in a downtrend.
If a high is followed by a lower high or a low is followed by a higher low then we can say that there is potential for trend reversal.
As we can see, BINANCE:MTHBTC is just about to meet the green trend line again which is strong since it has been contacted multiple times.
The most recent candles also indicate that support is holding and a possible reversal is on the way.
I would wait for another 4 Hour candle to close. If green, I will be entering the position as shown, taking profit at the next 4 Hour Resistance.
Stop loss must be set below the support level.
All the best!
Trade closed: stop reached:
Hi everyone,
The trade unfortunately did not work out.
As we can see, it started off with a nice push.
However, it was clear that a new Higher High COULD NOT be created, which is the first indicator that the sellers were stronger than the buyers.
Then, the bullish trend-line broke, giving another strong signal to get out of the trade.
Hopefully, stop losses were set accordingly.
Remember, it doesn't matter how many you win..
The only true measure of success is making sure that you win double of what you'd lose on each trade.
The trade unfortunately did not work out.
As we can see, it started off with a nice push.
However, it was clear that a new Higher High COULD NOT be created, which is the first indicator that the sellers were stronger than the buyers.
Then, the bullish trend-line broke, giving another strong signal to get out of the trade.
Hopefully, stop losses were set accordingly.
Remember, it doesn't matter how many you win..
The only true measure of success is making sure that you win double of what you'd lose on each trade.