Just entered a long trade at 33.5. Stop at 30. Target at 42. OCO. Trend is up and we've been range trading since the 14th of Feb. Today we dropped down out of that range and quickly rose back again which tells me that buyers are waiting to support this market. I don't know that they will blast us up out of this range which is why my target is below the high from the 20th. That was a pinbar which pushed prices down for the next 2 days. If today's bar becomes a pinbar it could push us up for another 2 days and then we exit 90%. Will leave 10% for a possible breakout higher as the trend is currently up.(slope of my channel)
Comment:
Changing target and stop to 38.5 and 31.3. These are more in line with the blue lines on this chart. These are now +15% and -7%.
Comment:
Stop hit.