Pros:
- Both FI and MACD Histogram ticking lower when price is going high.
- RSI overbought.
- Double hanging man represents weak buyer pressure around 1167.
- Profit target 2R for now since it is counter trend trade. (Will adjust profit target accordingly depending on how it turns out the next few days)
Cons:
- EMAs are still pointing upwards.
- Counter trend trading
Conclusion
- The divergance of both MACD and FI holds more weight in my opinion. May be wrong but we'll learn as we go. My first time executing a counter trend trade.
- Both FI and MACD Histogram ticking lower when price is going high.
- RSI overbought.
- Double hanging man represents weak buyer pressure around 1167.
- Profit target 2R for now since it is counter trend trade. (Will adjust profit target accordingly depending on how it turns out the next few days)
Cons:
- EMAs are still pointing upwards.
- Counter trend trading
Conclusion
- The divergance of both MACD and FI holds more weight in my opinion. May be wrong but we'll learn as we go. My first time executing a counter trend trade.
Note
Entered the trade but prices rallied. Still make sense to be in the trade because of:
- MACD ticking lower even though price increased.
- Force Index on 13 Nov is not as high as 11 Nov when closing price is similar
- Lack of long wick represents bull did not attempt to push the price above resistance
- Decent tail length represents bears power to push price down
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.