It's time to show you the shares of FASTENAL Co., a member of the S&P500 index. And that's why.
What's on the chart: 1. Since March, the paper has grown by more than 70%.
2. On the chart clearly visible correction waves, but the paper was not allowed into the short zones, so as not to launch a wave of sales. If you look carefully at the chart, you will see that the first wave of correction 7%, the second wave of 6%, after analyzing all the waves, you will see that the paper has always been bought back. That is, we have a strong long player in front of us.
3. August 7 growth was stopped at 48.51. This level was confirmed several times. 4. August 18 was made a false breakout (high of the bar: 48.55), but the paper was not allowed go down. 5. At the level of 48.55 is a large limit order. I will consider this when start to trade. 6. On August 21, there was a breakout of the level 48.51. 7. Volumes for further hiking were gathered within 11 days. It is quite normal to go long.
In my trading strategyI will wait for the fixing bar above the level. I also remember that at 48.55 is a lim. order placed. It will be great if this order is disassembled and the fixing bar can close higher. I will enter the long if the close price of the fixing bar will be above the level. I will place a SL order under the breakout bar.
Order cancelled
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The model is broken. There was no entry point on my system, so SL is not got. However, I will continue to observe the paper, usually such movements are made to throw everyone out of the paper and go further.