I currently have a small size of long position but I am planning to add more (please see my previous article for my first trade set up), but I am waiting for a certain set up to come up:
Daily:
1) all momentum indicators are entering the bull zone, so there is a plenty of room to move to the upside.
2) The candle has crossed and closed above both EMA 21 and 55, but EMA 200 is currently working as a resistance.
3) EMAs have not crossed and lined up for the bull trend - 21> 55> 200
4H:
1) EMA55 has finally crossed above EMA200!! But when they cross, the price very often has a decent pull back before taking off.
2) Stochastic and RSI are already in the overbought territory which tells me the pull back is likely to happen.
The chart is looking really good for the bull but I am going to wait for the price to retrace to Fib0.5-0.618 zone (see blue rectangular box in 4h chart).
If the price rebounces from that zone and momentum indicators reset to move to the upside, I am prepared to go big on long.
Daily:
1) all momentum indicators are entering the bull zone, so there is a plenty of room to move to the upside.
2) The candle has crossed and closed above both EMA 21 and 55, but EMA 200 is currently working as a resistance.
3) EMAs have not crossed and lined up for the bull trend - 21> 55> 200
4H:
1) EMA55 has finally crossed above EMA200!! But when they cross, the price very often has a decent pull back before taking off.
2) Stochastic and RSI are already in the overbought territory which tells me the pull back is likely to happen.
The chart is looking really good for the bull but I am going to wait for the price to retrace to Fib0.5-0.618 zone (see blue rectangular box in 4h chart).
If the price rebounces from that zone and momentum indicators reset to move to the upside, I am prepared to go big on long.
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