The Entry
- The break of $600 a key resistance point as a nice whole number and as the Fibs 0.61 point
- ADL has been gradually rising and RSI is nicely at a 53%
- Will look to enter 1 hour after London opens today
- The R/R so far looks like a 1:1.5 ratio
The Situation
- With the close of Oct, money seems to be flowing back in the the markets
- Midterms are over and it seems like the increased in democrats splitting congress will make radical policy changes less likely. Thus giving some certainly to investors
- Adyen also recently announced that it has entered Canada and this aligns nicely with the rising Cannabis industry situated in Canada.
Issues/Risks
- The risk that this rally is short term, if the price retreats to $553.9 breaking the Fib 0.786 point then we are certain. This is an estimated 9.2% Risk
- To be safe I will be leveraging 5k Margin across the full trade and will enter at 50% first, once the price breaks the fib 0.382 point I’ll enter the remaining 50%
Trade closed: stop reached:
Hmm i'm actually not so sure how come the stock suddenly dropped by 10%. Not yet on news will monitor this.