ZECUSD: Bullish Trend and How to Manage Profitable Trades
The price bounced from the support zone between the neckline of the Head & Shoulders chart pattern and SMA100. After that, we got a breakout above the right shoulder. What does it mean?
It means that the trend reversal chart pattern is not relevant anymore. The breakout above the right shoulder gave us a strong bullish signal.
I wrote in the previous post that it would be possible to buy based on the reversal from the support zone. If you opened long positions, now it is time to think about where to fix the profit.
The main target for buyers stays 65.00 resistance. It is the local market high, and buyers will try to reach it. At the same time, RSI is in the overbought zone. MACD histogram is going to reverse. Probably, we will see a pullback. It will be absolutely normal for the bullish structure. Just the price should stay above SMA100. If you have such an opportunity to fix the part of the profit, maybe it is a good idea right now. The rest part will be left for 65.00 target. It is possible to use a trailing stop as well.
But what is very important if you have your personal plan, you must follow it as it is.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
It means that the trend reversal chart pattern is not relevant anymore. The breakout above the right shoulder gave us a strong bullish signal.
I wrote in the previous post that it would be possible to buy based on the reversal from the support zone. If you opened long positions, now it is time to think about where to fix the profit.
The main target for buyers stays 65.00 resistance. It is the local market high, and buyers will try to reach it. At the same time, RSI is in the overbought zone. MACD histogram is going to reverse. Probably, we will see a pullback. It will be absolutely normal for the bullish structure. Just the price should stay above SMA100. If you have such an opportunity to fix the part of the profit, maybe it is a good idea right now. The rest part will be left for 65.00 target. It is possible to use a trailing stop as well.
But what is very important if you have your personal plan, you must follow it as it is.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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