MajorLeagueTrader

Built Ford Tough. (F)

NYSE:F   FORD MTR CO DEL
Today I would like to cover Ford motor company.

Support and Resistance is represented in green and red levels.

We have had a nice rebound off an upward support level that has fired green consistently.
We want to use 5.70 as a key Resistance level to play as an edge for a long or a short.

If we failed to breach up here we could see an at least 10% correction off Resistance for another shot at support.

We have higher lows in an ascending wedge formation. ( Bullish Pattern )
*Patterns can switch up and not always mean a guaranteed bull or bear move.
The main purpose of the pattern is to help us identify the key breakout areas.

I will play 5.70 with aggression on a 1% -2% flips long and shorts on this edge.

Beautiful clean chart setup.
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Comments

Just curious what does 5.70 with aggression on a 1% -2% flips long and shorts on this edge mean?
+1 Reply
MajorLeagueTrader orirosenkrantz
@orirosenkrantz, it means that we are playing the edge of 5.70 price Resistance with a 1% spread on stop loss. So if it broke 1% above 5.70 I look to long with a 1% stop. If its 1% below 5.70 I short with a 1% stop until the trend change breaks and rally's on way or another for a trend push.
Reply
orirosenkrantz MajorLeagueTrader
@MajorLeagueTrader, I understand completely now. Thank you!
+1 Reply
MajorLeagueTrader orirosenkrantz
@orirosenkrantz, you're welcome ✌
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Good work
+2 Reply
@Mostakim32, thank you 😁
Reply
F
+2 Reply
@jurytrades, thank you for commenting 😁
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