Trend Magic has changed color in the short term and this is a sign of money entering the market. Also, the price is above the Trend Magic line!
It seems that with a significant increase in trading volume in areas that are above the resistance and the reluctance of traders to trade below the resistance line, there is a high chance that the red resistance line will be broken. We will probably have at least a significant correction in a few days if we do not change the trend.
Crossing the Ichimoku cloud is also a good sign to enter the market, although the Ichimoku lines have been horizontal, which reinforces the correction hypothesis.
Considering the natural risks, we open a buy position.
Personally, I hold the position until the yellow line is touched, but if I see a serious change in the market momentum, I will close the deal!
The red highlighted area, regarding it's great history of resistance and support, which is also consistent with our long-term magic trend's yellow line, could be a good target for our trade.
Do not forget the principles of capital management!
It seems that with a significant increase in trading volume in areas that are above the resistance and the reluctance of traders to trade below the resistance line, there is a high chance that the red resistance line will be broken. We will probably have at least a significant correction in a few days if we do not change the trend.
Crossing the Ichimoku cloud is also a good sign to enter the market, although the Ichimoku lines have been horizontal, which reinforces the correction hypothesis.
Considering the natural risks, we open a buy position.
Personally, I hold the position until the yellow line is touched, but if I see a serious change in the market momentum, I will close the deal!
The red highlighted area, regarding it's great history of resistance and support, which is also consistent with our long-term magic trend's yellow line, could be a good target for our trade.
Do not forget the principles of capital management!