shidiq
Long

Colgate Pattern Trade

NYSE:CL   COLGATE-PALMOLIVE CO
Waiting for retracement at around $67. There is confluence of
- Triangle trendline support,
- 50MA,
- Key Fibo level
- Golden Cross
- All 3 key indicators are also bullish
Will execute only with Bullish Pinbar on support. Look out for updates..
Sep 27
Comment: As anticipated, price has went lower into the support region. Let's wait for a bullish candle, preferably a pinbar on the support.
Oct 02
Comment: Placing a buy stop order above yesterday's candle high.
Oct 08
Trade closed: stop reached
Hello Mr.Shidiq,

In my opinion, I see one horizontal line resistance is becoming the horizontal line support at around $67.95.
So I think another situation will be happen that is price is bounce 1st time at Sep/14 and 2nd time at Sep/19, So if the candle of today is green, the price will continue to moving up (not turn back to your $66.95 as your thinking), then I will trade on tomorrow.
I'm very happy to get your analysis & sharing about technical knowledge with you.
Let's wait until end of today.
I hope you will take this good chance into your trade.

If you have any feedback, please teach me.

Thank you.
ThaiTran
Reply
shidiq tctfuji92
@tctfuji92, Hi ThaiTran, superb observation there! Yes, you are right. $67.95 is indeed the horizontal support line and it would have been perfect if our Triangle support coincides with it.

However it does not and as discussed previously, as we are trading patterns, we only want entry setups on the pattern's support. We'll just skip to the next trade if this one doesn't give us what we are looking for.

Anyway, great job in identifying market structures. Keep it up!
Reply
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