When looking at a weekly chart, it is easier to see if an asset is in a bullish or bearish trend. Taking a look a the SOXX, we see we are at a potential place for a bounce. I chose the 52 exponential-moving average because there are 52 weeks in a year, and it has worked very well in the past. A close on a weekly basis below this level is the signal to get out....
But there are opportunities to break 52 weeks high
Price has produced a bullish day close with a powerful beartrap completed at key level of 2014 high. Price is ready for furthur upmove.
It has been a lengthy consolidation for 2 weeks. Price has touched 2013 high and now seems to be doing a flush of a 2 weeks high , pending day close. I have a h1 macd divergence identified , although the channel is a bit awkward. Definitely , I wont be shorting at the low when channel break. It has got to be about now with about 30-40 pips of SL, going for...