Trend is up on the Daily chart and we are looking for entry below the Previous High.
Drumming down to the 4 hour chart it is evident there has been an accumulation close to the pivot before the impulsive move (big green candles) that took us to new ATH.
Looking to buy at the BUY AREA with my Stop Loss set below this area should the trade fail, possibly marking a change of trend direction on the Daily chart.
The only concern is that price never returns back to this area. However if this happens then we are looking for the Daily chart to create a new swing and once complete we will invalidate this idea and look for a new BUY AREA on the 4 hour chart.
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Nice bounce out of the Buy Area. Will see how far we can take this
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We are seeing a nice move up now. Stop Loss moved to break even as there is room enough for the trade to breath. Profit Target 1 is at 2:1 around the $2.68 area.
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First profit target taken. We'll let the rest run now with a stop loss trailing. Great trade!!