After the preview trade idea failed I have been looking for a decent opportunity to try this one again. After two bounces on this long term Horizontal support, I think this is the next opportunity. Risk is low as stops can be fairly tight.
We are in the buy zone (411-540). I also have some crazy low buys just in case of another wick down.
Below is a volume gap and each time price has dropped into it, it has been bought back up. Volume has increased substantially since reaching this level.
I have marked previous horizontal S/R levels where you can expect a reaction from price. Typically people place sell orders on those levels and buy back once price breaks through and successfully retests the resistance as a support.
I have started to buy back into this trade. I lost a little on it last time because I did not take profit on the rise prior to the break of the bullish trend (lower diagonal marked on chart - see previous CND for buys and Stop loss)
This is a trade I am taking and will update.
These are my own trades provided for educational purposes only.
We are in the buy zone (411-540). I also have some crazy low buys just in case of another wick down.
Below is a volume gap and each time price has dropped into it, it has been bought back up. Volume has increased substantially since reaching this level.
I have marked previous horizontal S/R levels where you can expect a reaction from price. Typically people place sell orders on those levels and buy back once price breaks through and successfully retests the resistance as a support.
I have started to buy back into this trade. I lost a little on it last time because I did not take profit on the rise prior to the break of the bullish trend (lower diagonal marked on chart - see previous CND for buys and Stop loss)
This is a trade I am taking and will update.
These are my own trades provided for educational purposes only.
Comment:
Idea invalid. Waiting on a turn in the market to renter