12H: LONG: Price broke above the Kumo as the first sign of strength. It has now broken above the down channel and is challenged by the 23.6 fib extension. A close/test/bounce above the 23.6 fib signals an aggressive entry, with a less aggressive entry at the 38.2 fib extension. RSI currently signals a bearish divergence but this will likely be overridden by the positive OBV. RSI remains in the bullish zone and Voluime supports a long trade.
Trade Exits: RSI maintaining below 54 through a candle close, an OBV bearish divergence, or just set your stops at -10%.
Take Profit by scaling out at the fib lines according to your comfort levels. I’d look for targets at 50fib and 61.8fib and then re-evaluate.
Trade at your own risk.
Trade Exits: RSI maintaining below 54 through a candle close, an OBV bearish divergence, or just set your stops at -10%.
Take Profit by scaling out at the fib lines according to your comfort levels. I’d look for targets at 50fib and 61.8fib and then re-evaluate.
Trade at your own risk.