Its looking like we are hitting two major support zones of resistance. We have an ascending support line that has formed over the past two years and we have the 200 EMA support.
All this to say we are looking for bounce back to the upside to the 200 EMA on the 4 hr chart. There might be a continuation with a retest of the highs up to the resistance highs around 1.6600.
All this to say we are looking for bounce back to the upside to the 200 EMA on the 4 hr chart. There might be a continuation with a retest of the highs up to the resistance highs around 1.6600.
Trade active:
Sweaty palms...
Trade active:
Ok so my palms have begun to wrinkle from all the sweat. I believe that I jumped in on expectation of a bounce without confirmation in the chart patterns. I now have three options to help limit my risk on this trade.
1. Wait for my stop loss to hit since I have it set to follow my rules.
2. Hope for a bounce back to the upside and exit as close to my entry as possible with a trailing stop.
2a. If the stock continues and breaks over my entry I can continue to follow it with a stop at the low of the previous 4hr candle.
3. Just sit and hope for the stock to rip to the upside!
Currently I am hoping option 2 presents itself.
1. Wait for my stop loss to hit since I have it set to follow my rules.
2. Hope for a bounce back to the upside and exit as close to my entry as possible with a trailing stop.
2a. If the stock continues and breaks over my entry I can continue to follow it with a stop at the low of the previous 4hr candle.
3. Just sit and hope for the stock to rip to the upside!
Currently I am hoping option 2 presents itself.
Trade closed: stop reached:
It happened. I was stopped out. I had to go to bed for the night and needed to just let it run. Oh well. Remember this trade for next time.