Potentially in phase D sign of strength (SOS) rally.
A breakout above 0.285 followed by a backup action could provide a good entry.
The last reaction has supply absorption characteristics.
The cause built from Dec 2018 till Sep 2019 could make ARMADA a good long term campaign.
Pay attention if it turns out to be an up thrust rather than a breakout with a stop below 0.24.
Trade active
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Huge supply emerge today, possible correction as a back up action for the whole accumulation structure.
Pay attention to 0.3-0.315 should the back up action come.
Comment
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Scaled in at 0.31 earlier today. Potential Change of Character (CHoCH) for the trend initiated since 30 Aug 2019.
Comment
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- A strong and healthy run up after the reaction to 0.3-0.315. - More upside to be expected until emergence of supply. - A potential target using point and figure chart: 0.49-0.53
Trade closed manually
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- Change of character bar has shown up today with huge supply in sync with the results. - This should stop the up trend for now. - Profit protection stop below 0.46 will get triggered today. - End of day traders might consider to wait for a secondary test to exit on the way up.