Waited until Jerome Powell had finished speaking before taking any trades today,
Started the day with a new position on APA.
The ong entry trade set up is as follows:
1. Directional indicator are moving in opposite directions at an angle (pref > 35 degrees)
2. Volume osciallator (Chakin money flow and On Balance) is increasing
3. Resistance based on higher timeframe. In this case I have set potential resistance at slightly above $35
(Note that this is a projection only and does not necessarily mean that the price is expected to test resistance)
Started the day with a new position on APA.
The ong entry trade set up is as follows:
1. Directional indicator are moving in opposite directions at an angle (pref > 35 degrees)
2. Volume osciallator (Chakin money flow and On Balance) is increasing
3. Resistance based on higher timeframe. In this case I have set potential resistance at slightly above $35
(Note that this is a projection only and does not necessarily mean that the price is expected to test resistance)
Trade active:
As expected, price reached resistance but could not break through. Down over 4% today which turned an unrealized gain into a loss, Volume suggests downside could be limited so will wait for further development
Comment:
Price looking bullish again on the daily. Waitin on confirmation on higher timeframe. Still holding