I have a buy-stop in at the top of the red box. As the price has already broken above the last four candles i could buy now, but as a general rule to avoid mistakes i like to always try and force the price to break some sort of resistance before buying.
Stop-loss at the bottom of the red box. This is under the last low of the current move upwards.
I'll be moving a stop-loss up under the daily swing lows trying to capture as much of the trend as possible. If the price moves up too fast i'll move down to a smaller timeframe to manage the stoploss.
What i'm looking for in analysis:
- I'm really in favour of these curves (shown by the blue line), where the price gradually slows to point it can't go lower and then gradually builds up again. In my experience they deliver much longer lasting and healthy trends.
- the moving averages are beginning to cross and both are green (search in the indicators for these)
- The price is holding above the moving averages and creating unbroken higher lows.
- The is beginning to pick up also
Let's see what happens...good luck!