Long ADAUSDT - Dow theory plus bullish candle stick patterns
Utilizing DOW theory to spot the trend and find out the best possible entry with bullish candle stick patterns.
Looking at the 1h timeframe, instrument is not making more lows (LL=0.33), confirmation of uptrend from new HH,HL. I will look for a bullish candle pattern in buy range 0.40 - 0.4050 to get best lower possible entry as compared to previous HH (Found morning star bullish pattern ). Hence a possible long position is there with stop loss a little below previous higher Low and take profit at 0.4300 and 0.4550
Long Position
Risk 2%
Reward/risk : 2
Buy zone : 0.40 - 0.4050
Stop Loss : 0.3770 (a little below previous HL to avoid wick fishing)
TP1: 0.4300
Tp2 : 0.4550
Looking at the 1h timeframe, instrument is not making more lows (LL=0.33), confirmation of uptrend from new HH,HL. I will look for a bullish candle pattern in buy range 0.40 - 0.4050 to get best lower possible entry as compared to previous HH (Found morning star bullish pattern ). Hence a possible long position is there with stop loss a little below previous higher Low and take profit at 0.4300 and 0.4550
Long Position
Risk 2%
Reward/risk : 2
Buy zone : 0.40 - 0.4050
Stop Loss : 0.3770 (a little below previous HL to avoid wick fishing)
TP1: 0.4300
Tp2 : 0.4550