The moving averages have converged, we have a candlestick
pattern that resembles an inside bar
-- meaning that price is consolidating -- and price has pulled back to a support level
. All of this offers a nice entry point, and the recent long wick serves as a potential bullish
checkmate and thus a reference point for where the stop should be placed. I've placed my stop just below the recent long wick, and am targeting the recent high.
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