Trading setup:
Entry, exit and stop loss explained in the chart clearly.
Trading Idea based on “Confluence trading” :
Confluence trading is when you combine more than one trading technique or analysis to increase your odds of a winning trade.
Analysis and technique involved are as follows:
1. Falling wedge:
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.
Note: However, this bullish bias cannot be realized until a resistance breakout occurs.
2.Candlestick pattern:
Pin bar and strong bullish candle near the support trend line give us bullish signal
3. Bearish trend loosing momentum
when compared to previous two bearish momentum, the current bearish momentum was very slow.
Also the bullish momentum in all three swings are very strong.
4. Price is taking support at 50EMA
Conclusion:
By interpreting above 4 ideas, one can expect an strong bullish trend after the breakout
Entry, exit and stop loss explained in the chart clearly.
Trading Idea based on “Confluence trading” :
Confluence trading is when you combine more than one trading technique or analysis to increase your odds of a winning trade.
Analysis and technique involved are as follows:
1. Falling wedge:
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.
Note: However, this bullish bias cannot be realized until a resistance breakout occurs.
2.Candlestick pattern:
Pin bar and strong bullish candle near the support trend line give us bullish signal
3. Bearish trend loosing momentum
when compared to previous two bearish momentum, the current bearish momentum was very slow.
Also the bullish momentum in all three swings are very strong.
4. Price is taking support at 50EMA
Conclusion:
By interpreting above 4 ideas, one can expect an strong bullish trend after the breakout
Order cancelled:
even though price gone up, couldn't find right opportunity to enter.