We have range market conditions for EOS and our trading must be based on the rules for such markets. It means that we have to wait for trading opportunities when price reverses from the bottom level of the channel or breaks outside this channel. Based on reversal signals from the support level we'll have to buy with stop orders below this level and the local swing low. RSI will have to confirm all price reversals.
If we buy based on a breakout signal, volume will have to increase confirming the power of the market. Pending orders for the breakout signal can be placed above 2.15 with stop orders below 1.70 level. Profit targets should be at 2.50. 3.50 and 5.00 resistance levels. If the market moves outside the channel and confirms an uptrend, we'll be able to add some trading volume for our long trade above 3.50 level.
Read more trading ideas here https://www.tradingview.com/u/DLavrov/
