The good thing about 'key level trading' is its constant change from one level to another which confirms the price trend.
In my previous post, I mentioned that price is likely to go SHORT when price rejects the previous 50% level. Now that the price rejected that level, which is now the 70% level at 52100, expect more RED RAIN to come. I placed a SHORT order at this level and now enjoying and reaping profit from my SHORT order. I will close the order at 50800 (30%) level.
At the moment, I will implement a cost averaging technique by BUYING at the currrent lower 50% level at 51300. If price goes down further to the 30% level, I will make another BUY order again at 50800 level. Prive may need to form a divergence between the 30% and 15% level and once that happened, I will make my third BUY within the divergence zone.
/please DYOR/trade at your own risk
In my previous post, I mentioned that price is likely to go SHORT when price rejects the previous 50% level. Now that the price rejected that level, which is now the 70% level at 52100, expect more RED RAIN to come. I placed a SHORT order at this level and now enjoying and reaping profit from my SHORT order. I will close the order at 50800 (30%) level.
At the moment, I will implement a cost averaging technique by BUYING at the currrent lower 50% level at 51300. If price goes down further to the 30% level, I will make another BUY order again at 50800 level. Prive may need to form a divergence between the 30% and 15% level and once that happened, I will make my third BUY within the divergence zone.
/please DYOR/trade at your own risk
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.