carlosmh1099

Bull flag, trade opportunity. A few ways to play.

Long
FTX:COPEUSD   Cope / USD
Note: The Fib was drawn on the weekly chart, but the daily chart was used for clarity. On the daily chart , still within the flag and at a area of high liquidity. If it breaks to the upside, the next major resistance in the long-term will be the liquidity band at the top between $4.36 (previously rejected high) and $5.36. If we swing to the upside, taking profit along the way and especially at the liquidity band is ideal. If it breaks past the band, a massive move may be in store. Either way, a decent chance for profit. I think we're still in the accumulation zone and there are a few ways to play it depending on your risk tolerance.
1) The safest way is to wait for a breakout of the flag to the upside and sell 20% along the way to lock in profit until we reach the liquidity band. Hold 25% to see if it breaks through, and end the trade if it's rejected off the band. It will likely accumulate for another run, forming another flag and trade opportunity if this happens.
2) You can see if it dips back to a good buy zone at $2.80 to $3.00 and try to ride the swing up. A little higher risk because at that point, it may break below the flag and invalidate the trade. A stop loss of 3-5% can reduce your risk.