High Probability Winning
"Coiling Setup"
Recognize Strong Trends
Identify Temporary Pullbacks
Nail Completion of Pullbacks
Go Long when Bears Get Exhausted
All trading setups and/or trades presented in the trading chat by CastAway Trader an/or by other members of the chat should be considered hypothetical for educational purposes only and should not be expected to be replicated in a live trading account.
Watch Introduction
Every Coiling Setup is composed of several components:
- Upward sloped 200 DMA and 65 DMA confirm long term bullish trend
- MACD is "coiling", it is gradually declining and finally tests the zero line
- Corrective pullback in price is shaped as a zig-zag (labelled as a-b-c-down)
- Corrective pullback retraces 23.6%, 33.3%, or 41.4% of the preceding rally
- Decline finds support at the upward sloped Green Demand Channel
- Doji candlestick pattern is a very common sign of completion of the pullback
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