SANDUSDT - Price action Update
Hi there,
So many were calling for shorts and few were calling longs but in real what's gonna happen ? Well my answer no we can't say the least we can do is predict the possibility of happening but we can't sure it's gonna happen. So without any confirmations in price actions of the assets never take a trade based on the predetermined decisions, one must able to make decisions instantly according to changing conditions to be a successful trader.
Moving to analysis, here we are on SANDUSDT chart, what's the idea....
Well it's pretty simple the previous upward moment had been rejected from the resistance zone which is at $0.7941, so can we open short? well not so soon, let's draw out some pivot conditions to conclude our decision.
Volume : Well from the last three days the volume has been pretty much increasing and ofc volume during the rejection from it's resistance is also high.
RSI : well it's been in nice uptrend from the past three days, it oscillated between the range 40 -60, so it's too early to open short.
MACD : we can observe the downward strength is slowly decreasing, so yea definitely it's not the time to open short.
Resistance : $0.7941 has been acting as strong resistance unless it's got broken, we can't open long too.
Intraday Trade :
LTF - 5min : there's a pattern formation called descending triangle with local support $0.7671 - once it's broken we can open the short placing the target at $0.7948
Conclusion :
It's too soon to open short position we need to wait until the price heads to the range - $0.7845 to $0.7941 and got reject from there which is likely or to break the local support at $0.7671, so that we can open short. And if the resistance is broken we can draw constraints accordingly to go for long. Wait until the confirmation....Stay connected for updates and if any doubts comment in the comment section
So many were calling for shorts and few were calling longs but in real what's gonna happen ? Well my answer no we can't say the least we can do is predict the possibility of happening but we can't sure it's gonna happen. So without any confirmations in price actions of the assets never take a trade based on the predetermined decisions, one must able to make decisions instantly according to changing conditions to be a successful trader.
Moving to analysis, here we are on SANDUSDT chart, what's the idea....
Well it's pretty simple the previous upward moment had been rejected from the resistance zone which is at $0.7941, so can we open short? well not so soon, let's draw out some pivot conditions to conclude our decision.
Volume : Well from the last three days the volume has been pretty much increasing and ofc volume during the rejection from it's resistance is also high.
RSI : well it's been in nice uptrend from the past three days, it oscillated between the range 40 -60, so it's too early to open short.
MACD : we can observe the downward strength is slowly decreasing, so yea definitely it's not the time to open short.
Resistance : $0.7941 has been acting as strong resistance unless it's got broken, we can't open long too.
Intraday Trade :
LTF - 5min : there's a pattern formation called descending triangle with local support $0.7671 - once it's broken we can open the short placing the target at $0.7948
Conclusion :
It's too soon to open short position we need to wait until the price heads to the range - $0.7845 to $0.7941 and got reject from there which is likely or to break the local support at $0.7671, so that we can open short. And if the resistance is broken we can draw constraints accordingly to go for long. Wait until the confirmation....Stay connected for updates and if any doubts comment in the comment section
Comment:
Typing mistake - In LTF the target is $0.7498 not $0.7948
Trade active:
LTF Trade Triggered :
Entry : $0.7656
StopLoss : $0.7750
Target : $0.7500
Note : Trade at your risk, I'm not a financial advisor!
Entry : $0.7656
StopLoss : $0.7750
Target : $0.7500
Note : Trade at your risk, I'm not a financial advisor!
Comment:
LTF - Trade closed : Stoploss hit
Reason - Fake Breakout.
Note : Higher Time Frame strategy still in play!!
Reason - Fake Breakout.
Note : Higher Time Frame strategy still in play!!