API3: Trend Continuation Analysis with Targets
מעודכן
API3 appearing to find support on well correlated uptrend.
Anticipating support at -2 standard deviations (SD) below regression trend mean to hold.
Watching for either a mean reversion, break above, and retest for bullish confirmation or break below -2 SD for exit.
Analysis:
Price
Currently price action is ranging between $4.75 resistance corresponding well the POC for volume profile (blue line), and $3.99 support level just above Fib 23.6% retracement pulled from ATH to local low. Pink dashed lines on chart are areas of significant support/resistance as determined through analysis of multiple fibonacci pulls or simple S/R identification.
RSI
RSI currently sitting at neutral level of 51 needs to stay above 38, ideally looking for a cross and close above 55 in the next day or two for confirmation for bullish continuation.
ADX/DI
Increasing bullish trend though weakening slightly
MACD
MACD still in bullish territory above zero line. Though it appears to be nose-diving with a trajectory towards a zero-line cross, price action appears to be diverging from this move downward and MACD is starting to curl up.
The trade:
Entry: $4.17
TP1: $6.00
TP2: 7:00
Stop (Mental w/ alerts): $3.779
RR: 4.7
An ascending triangle has been drawn using the -2 SD of linear regression trend and the POC of volume profile/resistance.
Watching for bullish breakout of this triangle.
If PA breaks down out of the triangle I will be watching for support at stop-loss area at $3.779.
This stop will be a mental stop-loss with alerts as I will want to see a Daily candle close below this before exiting trade to avoid getting whipsawed.
If price closes below stop, trade will be exited and will reevaluate entry watching for support from identified areas (dashed pink lines).
-Spreck
Anticipating support at -2 standard deviations (SD) below regression trend mean to hold.
Watching for either a mean reversion, break above, and retest for bullish confirmation or break below -2 SD for exit.
Analysis:
Price
Currently price action is ranging between $4.75 resistance corresponding well the POC for volume profile (blue line), and $3.99 support level just above Fib 23.6% retracement pulled from ATH to local low. Pink dashed lines on chart are areas of significant support/resistance as determined through analysis of multiple fibonacci pulls or simple S/R identification.
RSI
RSI currently sitting at neutral level of 51 needs to stay above 38, ideally looking for a cross and close above 55 in the next day or two for confirmation for bullish continuation.
ADX/DI
Increasing bullish trend though weakening slightly
MACD
MACD still in bullish territory above zero line. Though it appears to be nose-diving with a trajectory towards a zero-line cross, price action appears to be diverging from this move downward and MACD is starting to curl up.
The trade:
Entry: $4.17
TP1: $6.00
TP2: 7:00
Stop (Mental w/ alerts): $3.779
RR: 4.7
An ascending triangle has been drawn using the -2 SD of linear regression trend and the POC of volume profile/resistance.
Watching for bullish breakout of this triangle.
If PA breaks down out of the triangle I will be watching for support at stop-loss area at $3.779.
This stop will be a mental stop-loss with alerts as I will want to see a Daily candle close below this before exiting trade to avoid getting whipsawed.
If price closes below stop, trade will be exited and will reevaluate entry watching for support from identified areas (dashed pink lines).
-Spreck
הערה
I do a walkthrough of this analysis in a stream for anyone curious about my thought process when putting this together. tradingview.com/streams/hy-GUw-6q6/
עסקה סגורה: היעד הושג
Late update 😣 Both profit targets were hit and trade was closed.
כתב ויתור
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