deciphering the possible re-entry short term

Hi friends,

Having identified the short term profit taking signal at 0.036, we now try to identify the possible re-entry signal technically for short term traders ( long term holders for months and years, please skip or ignore, as this is not applicable - we are discussing short term moves only here ).

From the chart below, you can see that the purple dot identifies the possible short term profit taking events in the oscillator in the bottom of the chart.

At the same time, the support zone is identified as the area within the red line and the blue line ( moving averages ). In the past, you can see that whenever prices fall on the red line or within this support zone and then crosses back above the red line, prices will continue in an uptrend fashion. This signals the re-entry.

We therefore will watch for prices to fall to within this same support zone and for the price to cross back above the red line for a re-entry.

To know what the price levels are for this possible re-entry signal, you can read the price levels from the chart posted.

Hope you find this chart useful. Cheers!


Trade well, trade safe.

dascore