There should be confluence.
Price shot of up after the was broken
There were multiple confulences indicating strong movement in the expected direction.
MA's in all the three MACAD were above the MACAD "0" Line.
There are lot of other factors related to MACAD which made this setup sucessful. Please let me know if you have any queries.
******For Educational purposes only****
I backtest on trading view. I have also used trade interceptor to test my strategies. Paper trade till you are profitable for atleast 6 months. Don't jump straight in the market. If you are profitable for 6 months in paper trading then that indicates you have a strategy and that strategy works. Then you might think of going live.
Keep trading journals. It is a must helps a lot. You can learn where you have made a mistake or what you are doing right
To select a stock go through fundamentals. For exact entry use technical analysis.
People say think out of the box. However, I say there is no box. You should have a broader view and you will have to understand cycles of the market.
Money moves from one sector to another. You have to understand where the money has moved and why.
I mostly use MACAD and RSI. However, I also refer to 50 100 and 200 SMA (shows me the trend). Read Volume as well. Keep your trading simple and charts clear. Try to read price action. Indicators helps too.
Do let me know if you have any questions
It is difficult to determine how high it can go. However, you will have to use the confluence of Support and resistance, Fib's and MACAD crossovers to set your targets and S\L's. You can set targets, 1,2,3rd Target... depends on your risk taking capability. Always give importance to Risk management and Risk Reward ratio.
We shouldn't be greedy. Let the price come to you (your setup) rather than you running behind the market. Patience is the key. Treat trading as a business
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