There is key support with the Daily Pivot Range, 3 Day and 6 Day Rolling Pivot Range as well as the Weekly Pivot Range, including the Monthly Pivot Range. This setup cannot be more supportive. With the price trading in breakout mode at the moment of writing the need to act is now to go long the market.
The action to take is to place a buy order to enter the market long within the buy zone area noted on the chart. This gives us a good risk reward ratio within a high probability setup with all this support. With the breakout this will confirm the market wants to move higher. Place the stop loss at the Opening Range low and the profit targets stated below.
Entry Price: .270000 - .290000 Stop Loss: .194800 Profit Targets: First profit target .408200. Second profit target .653000. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss .010000 points behind until second profit target is reached or stopped out.
@chris333, For sure Chris. Stops are an integral part of any trade I enter. Sometimes you want to trail the market tight, and sometimes you want to leave room for correction. It amazes me how many so called top authors leave them out completely. In fact, they provide almost no numbers at all most times, for fear of being wrong.