-What do we see here?
-Price has been consolidating on this box with no real intention of going up.
-However, technical indicators suggest that we are in an a bulls market as price is respecting the trendline drawn on the chart.
-For this, I would suggest that we use stop orders for the sake of protecting ourselves as shown in the diagram.
-Our stop loss is quite some pips below as i am factoring in the consolidation of price in the box and the buy stop above the consolidation box as i am anticipating a break out to the upside.
-Initially i had thought the previous bullish candle was a big shadow and a buy catalyst but on looking left there is a lot of price action and so opted to place stop orders instead.
What are your thoughts on the same?
Comment below your charts and ideas for brain storming. Regards.
Only facts were posted here