Price at this moment in time has pushed up and over the 50ema suggesting we are set for a new uptrend.
We are reaching resistance, but if a successful breakout occurs with momentum and a new uptrend begins, then we can prepare for a long provided we get some sort of buy signal and as much confluence as possible - ie price seems to be respecting a tight triangle pattern thus far, price has crossed the 50ema and we await a possible breakout of resistance.
With this in mind we can prepare a long (depending on conservatism or aggression).
In my example:
Trade #1 is the most conservative of the three trades giving us a R/R of just over 4/1.
Trade #3 is an aggressive trade made for a nice R/R of just over 8/1 and
Trade #2 is the medium type of trade I see for this setup with a R/R of just under 6/1.
Of course these are just examples, you will have your own thoughts on this scenario.
With that said, I wish you all good luck and successful & happy trading days!
We are reaching resistance, but if a successful breakout occurs with momentum and a new uptrend begins, then we can prepare for a long provided we get some sort of buy signal and as much confluence as possible - ie price seems to be respecting a tight triangle pattern thus far, price has crossed the 50ema and we await a possible breakout of resistance.
With this in mind we can prepare a long (depending on conservatism or aggression).
In my example:
Trade #1 is the most conservative of the three trades giving us a R/R of just over 4/1.
Trade #3 is an aggressive trade made for a nice R/R of just over 8/1 and
Trade #2 is the medium type of trade I see for this setup with a R/R of just under 6/1.
Of course these are just examples, you will have your own thoughts on this scenario.
With that said, I wish you all good luck and successful & happy trading days!