Caza. Long entry approaching?

Clarky, I think patience is a key attribute in a trader and when I'm patient I either miss a trade (and don't lose money) or enter closer to my predicted turn which allows me to get my stops closer to my entry which either saves money when the trade fails or makes a little more if it succeeds. I think you're right that waiting for confirmation is wiser.

It can be encouraging in the right set up I agree completely. However this is a fairly steep angled trendline, something to consider.

Also - for me its only an indication that it could be "about" to turn, I prefer to wait on the rest of the set up.

I think you are looking at the right things, but a little more patience in your set up could benefit your entries long term. Imo anyway, thats just my strategy, I may be more risk averse than you, the aggressive set up could ne what suits you.

I do like the feedback Clarky because I've a nasty habit of being early in. In fact I sign myself off often as Early Alan! So never excuse yourself for open discussion. Does your RSI show a break of the down trend as in the this link? As this is a signal I find encouraging.

screencast.com/t/qmaTXVU0

Shotry,

I have had a look and did my own chart.

Although it has some signs of bullishness, I personally wouldn't go long just yet.

Couple reasons being -

RSI divergence - I have tended to find that the RSI divergence takes at least 3 touches before a reversal

Horizontal support - I personally like to find some form of previous historic support or resistance to further confirm my long in a congested area.

If you look at my chart, you will see there is horizontal support just below at about 10.8 (in my opinion obviusly) you will also see this ties in close enough to the 200sma. If you join this with the fact the RSI has only had 2 touches, it says to me that a long here is not confirmed enough.

At least not in my own strategy or set up.

I know you like some feedback, hence why I have butted in.

screencast.com/t/rfsCfKjKIblM

Lots of bullish signals, chart annotated. I've increased the size of a trade I started on Jan 29th. I welcome the views of others.