Price moved out of the weekly channel earlier this week and made a good move higher. Yesterday the correction started and brought price back to test from above the upper red weekly diagonal.
This level was resistance before the breakout, and now it’s acting as support. Price could stay around this weekly diagonal for a while, or even move back inside the weekly channel.
At the same time, the daily channel gives me another setup. From here I’m watching for a move back up, first toward the blue daily diagonal and possibly toward the light-blue one.
I’m not entering just because price reached the weekly support. I want to see a buy setup first and price holding back above the purple daily diagonal.
We also have a bullish divergence from RSI Smart Divergence on 15 min chart, which gives some extra confirmation. The divergence on Wednesday worked very well, so let’s see how this one plays out.
Tools I’m using on this chart: Magic Diagonals and RSI Smart Divergence — both are available in my profile.
This level was resistance before the breakout, and now it’s acting as support. Price could stay around this weekly diagonal for a while, or even move back inside the weekly channel.
At the same time, the daily channel gives me another setup. From here I’m watching for a move back up, first toward the blue daily diagonal and possibly toward the light-blue one.
I’m not entering just because price reached the weekly support. I want to see a buy setup first and price holding back above the purple daily diagonal.
We also have a bullish divergence from RSI Smart Divergence on 15 min chart, which gives some extra confirmation. The divergence on Wednesday worked very well, so let’s see how this one plays out.
Tools I’m using on this chart: Magic Diagonals and RSI Smart Divergence — both are available in my profile.
Trade chiuso: obiettivo raggiunto
First target reached — worked out perfectly, right to the level. That’s more than enough for an intraday trade, especially on a Friday. Closing here.
Indicators, updates & setups: t.me/magicdiagonals
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Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Indicators, updates & setups: t.me/magicdiagonals
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.