I combined my two scrips: Buy in long term uptrend and Draw SMA50 swing I found EMA144 also good to be used in 60M chart to verify trend direction.
Condition: Weekly chat: V Pattern, 60M: 1.Double Bottom 2.SMA50 Cross Over EMA144 3.Demand zone is confirmed 4.Trend line Break (TLB1)
Earning date: 7/17/2020 7:00 AM ET -- Earning will not affect this plan.
Entry: 117 Stop: 114.5; when Below EMA144 Target: 125; risk/reward=1:3
This is a trading school homework. I need few months to practice trading plan. If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate.
Hello, I got a question: how demand zone is confirmed? Thank you
PlanTradePlanMM
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@AndersonRak, The price touched demand zone, and went up. That shows the demand zone still has unfilled buy orders. It is called "Confirmation Entry" above the demand zone.
If Price goes down under demand zone, that shows the institutions cancelled the unfilled buy orders. So, Do not buy.
AndersonRak
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@PlanTradePlanMM, Thank you so much for explaining. It is very interesting.