710.HKEX_Range Breakout and Retracement Trade_Long
ENTRY: 8.94
SL: 7.50
TP: 11.68
- ADX>20
- RSI<50,RSI<70
- Daily RS +ve
- Daily FFI +ve
- Daily MACD -ve
- Weekly RS +ve
- Weekly FFI +ve
- Weekly MACD +ve
- MAs are aligned.
- Breakout of range on 18 Jun 2021 with good volume.
- Moved to high of 11.68 on 21 Jul 2021 with increasing volume, and retraced on slightly lower volume to 50% Fib. level before signs of accumulation on 28 Jul 2021, 5 Aug 2021 and today. Between the accumulation dates, the retracement is under lower volume as well.
- Maintaining above 50% Fib. level and "P" Pivot Point will be important.
- Breakout of down trendline with volume today.
- Earnings announcement seems to be coming soon and it is in the electronic sector which is doing well globally during the pandemic. Hence, would expect a good earnings result to push the price higher.
SL: 7.50
TP: 11.68
- ADX>20
- RSI<50,RSI<70
- Daily RS +ve
- Daily FFI +ve
- Daily MACD -ve
- Weekly RS +ve
- Weekly FFI +ve
- Weekly MACD +ve
- MAs are aligned.
- Breakout of range on 18 Jun 2021 with good volume.
- Moved to high of 11.68 on 21 Jul 2021 with increasing volume, and retraced on slightly lower volume to 50% Fib. level before signs of accumulation on 28 Jul 2021, 5 Aug 2021 and today. Between the accumulation dates, the retracement is under lower volume as well.
- Maintaining above 50% Fib. level and "P" Pivot Point will be important.
- Breakout of down trendline with volume today.
- Earnings announcement seems to be coming soon and it is in the electronic sector which is doing well globally during the pandemic. Hence, would expect a good earnings result to push the price higher.
Trade closed manually:
- Closed position at 10.20
- 2 days of red candle with increasing volume
- 2 days of red candle with increasing volume
- Shift SL: 8.34