*not investment advice or recommendation. Simply a reflection of how I intend to participate in this market*.
ALLEGION (ALLE) - Investment Grade Multi-Timeframe Long Setup.
MONTHLY TIMEFRAME: We see bullish price structure. Equally, if not more important, is the integrity of the trend. We see the bullish trend has strong integrity based on the strong ADX reading. 2Y & 4Y SMA's are rising, and we have bullish RSI momentum that is nowhere near overbought. This gives us the green light to look further on the Weekly timeframe for entries. The
WEEKLY TIMEFRAME: We see on the decline since October that the weekly trend integrity is very weak (based on declining ADX during the decline). This tells us that this is a dip worth buying. We also see the 10 week (approximately 50 day) SMA turning up and back in alignment with the rising 200D SMA. The Weekly 5 period RSI has crossed and closed back above 50, indicating bullish momentum on this timeframe is back in alignment with the dominant bullish monthly trend.
ENTRY: I will be buying on a stop @ 166.79. This implies bullish follow-through above the high of the weekly bar that resumed the bullish weekly momentum. Stop @ 157.80.
TARGET: Based on the strong monthly trend integrity, I am looking for a move to ATH @ 180.68. I plan to peel 10% off at 1.25 R, 20% off at 2R, and leave the remaining 70% as a runner trailing based on weekly structure &/or ATR.
Happy to hear thoughts and questions.
ALLEGION (ALLE) - Investment Grade Multi-Timeframe Long Setup.
MONTHLY TIMEFRAME: We see bullish price structure. Equally, if not more important, is the integrity of the trend. We see the bullish trend has strong integrity based on the strong ADX reading. 2Y & 4Y SMA's are rising, and we have bullish RSI momentum that is nowhere near overbought. This gives us the green light to look further on the Weekly timeframe for entries. The
WEEKLY TIMEFRAME: We see on the decline since October that the weekly trend integrity is very weak (based on declining ADX during the decline). This tells us that this is a dip worth buying. We also see the 10 week (approximately 50 day) SMA turning up and back in alignment with the rising 200D SMA. The Weekly 5 period RSI has crossed and closed back above 50, indicating bullish momentum on this timeframe is back in alignment with the dominant bullish monthly trend.
ENTRY: I will be buying on a stop @ 166.79. This implies bullish follow-through above the high of the weekly bar that resumed the bullish weekly momentum. Stop @ 157.80.
TARGET: Based on the strong monthly trend integrity, I am looking for a move to ATH @ 180.68. I plan to peel 10% off at 1.25 R, 20% off at 2R, and leave the remaining 70% as a runner trailing based on weekly structure &/or ATR.
Happy to hear thoughts and questions.
Email shepthetrader@gmail.com for access to my free Discord.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Email shepthetrader@gmail.com for access to my free Discord.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.