Medium to long term outlook : Bullish
Short term outlook : Bullish
Reason for Long :
1. Bullish long term trend channel (white)
2. Break of short term bearish trend channel (red - AKA Jump the Creek, Wyckoff), which found support at the blue support line
3. Followed by a test of the breakout (smaller red trend channel) (Back up to the Creek - Wyckoff)
Entry : break of high (occurred 1 bar ago, price at same level as break)
Initial Stop : swing low
Target : upper bullish trend channel (white) around $298
Note: Ideally the pullback would have come further back to the lower bullish trend channel line (white), therefore not an ideal entry (but still a valid long setup). Because of this the risk/reward ratio must be higher to compensate for the higher risk of a continuation of the pullback to the lower trend channel line (white), which is why the stop is very tight with a large target. (Risk:Reward is better than 1:8)
Short term outlook : Bullish
Reason for Long :
1. Bullish long term trend channel (white)
2. Break of short term bearish trend channel (red - AKA Jump the Creek, Wyckoff), which found support at the blue support line
3. Followed by a test of the breakout (smaller red trend channel) (Back up to the Creek - Wyckoff)
Entry : break of high (occurred 1 bar ago, price at same level as break)
Initial Stop : swing low
Target : upper bullish trend channel (white) around $298
Note: Ideally the pullback would have come further back to the lower bullish trend channel line (white), therefore not an ideal entry (but still a valid long setup). Because of this the risk/reward ratio must be higher to compensate for the higher risk of a continuation of the pullback to the lower trend channel line (white), which is why the stop is very tight with a large target. (Risk:Reward is better than 1:8)