Long DOTUSDT - Dow theory plus bullish candle stick patterns
Updated
Utilizing DOW theory to spot the trend and find out the best possible entry with bullish candle stick patterns.
Looking at the 1h timeframe, instrument is not making more lows (LL=5.68), need to confirm the uptrend from new HH,HL. We get the confirmation upon breaking first HH suggesting a bullish trend. I will look for a bullish candle pattern in buy range 6.40-6.63 to get best lower possible entry as compared to previous HH (Dow Theory). Hence a possible long position is there with stop loss a little below previous higher Low and take profit at 6.80 and 7.0.
Long Position
Buy zone : 6.40-6.62
STOP Loss : 6.25
TP1: 6.80
Tp2 : 7.00
Looking at the 1h timeframe, instrument is not making more lows (LL=5.68), need to confirm the uptrend from new HH,HL. We get the confirmation upon breaking first HH suggesting a bullish trend. I will look for a bullish candle pattern in buy range 6.40-6.63 to get best lower possible entry as compared to previous HH (Dow Theory). Hence a possible long position is there with stop loss a little below previous higher Low and take profit at 6.80 and 7.0.
Long Position
Buy zone : 6.40-6.62
STOP Loss : 6.25
TP1: 6.80
Tp2 : 7.00
Trade active
Now there appears to be bullish morning doji star pattern forming,i would open my long position now
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