I like the look of BKT here, my trading plan is as follows.
My reasoning:
Location: Reload zone
Structure: Double bottom off the 786
Divergence: Confirmed div in histogram and willy (coming out of stupid). RSI is bullish, looking to cross 50. "W" in OBV about to cross 13EMA.
Trend: Break of bearish trend commencing June '19
VPVR: Retracement lining up with the POC
Gap below: Nice entry location
Looking to buy in the green box as an optimal trade entry - "reload zone within a reload zone". Red box will be the target, lining up with the top of VPVR value.
Side note: Similar play and setup to the ASX:PLS analysis posted below.
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Trade active
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Slowly, slowly... gap filled in
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Nice close out to the week, expecting some nice movement in the coming 1-2 weeks.
i like this to the upside also. and this is hindsight so its easier said now.
but,
we could have just completed an expanding flat in the middle. a little more downside (tf unkown) before getting reversals later
AndyTheKing
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@Trading_Matrix, just saw this, you were exactly right mate! nice prediction :)
Ernie23
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There must be some news brewing hey? Looks kinda like volume is also kicking in.
AndyTheKing
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@Ernie23 It's likely! "volume precedes price" after all. Let's see how this plays out
Yabbyuwu
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@AndyTheKing, Hey Andy, what did you end up doing?
AndyTheKing
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@TuaoXiaoLongxia, unfortunately got stopped out during the COVID dump and moved onto other trades. Nice to see the trade has played out nicely, albeit one year later haha
Yabbyuwu
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@AndyTheKing, that's good to know. Always prioritise risk management over potential gains during market selloffs.
but,
we could have just completed an expanding flat in the middle. a little more downside (tf unkown) before getting reversals later