FNGU- Technology Titans CounterTrend LONG on Reversal
FNGU on the 4H chart is in a trend down within a parallel channel. The previous trend down
from the top of the channel to the bottom was 29% while the counter counter-trend up from
the bottom of channel to the top was 18% over 7 days. Presenly the trend down from the
upper channel is confirmed by the two RS lines near to the 50 level and the Awesome Oscillator
with a down going signal. Trade plan - I will trade FNGU short ( or FNGD long ) until it is at
the bottom of the channel. Upon reaching it and mindful of a fake breakdown. I will watch for
reversal signs on a lower TF and upon finding them in the MACD or Bollinger Bands or VWAP
bands I will close the trade and so long instead.
from the top of the channel to the bottom was 29% while the counter counter-trend up from
the bottom of channel to the top was 18% over 7 days. Presenly the trend down from the
upper channel is confirmed by the two RS lines near to the 50 level and the Awesome Oscillator
with a down going signal. Trade plan - I will trade FNGU short ( or FNGD long ) until it is at
the bottom of the channel. Upon reaching it and mindful of a fake breakdown. I will watch for
reversal signs on a lower TF and upon finding them in the MACD or Bollinger Bands or VWAP
bands I will close the trade and so long instead.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.