We have price action trying to reach for the neck line/trend line. If and when prices goes through those resistance lines, that would be a good place to long! Price action has touched the previous support pivot and started to head up, forming an inverted head and shoulders in the process! Price action broke the neckline and started to head up, but, then the news pushed prices lower. Now price action should resume heading higher! On the 30 minute chart we have price action breaking through the resistance line! We can see that price action resisted this area a lot of times, so this break should be of important origins and we should pay attention on this break! On the hourly chart we have an important trend line break, that adds to our buy signals. We also have a formation of railway track's touching the pivot point area, and heading up right afterwards, confirming the move higher! On the 4 hour chart, we have a bottom swing candlestick formation, which tells us prices are going higher! The daily and the weekly chart are showing us a visual inverted head and shoulders pattern, it cannot be confirmed yet, but we can still see the pattern! The next huge resistance level is our profit target, which is $144.43
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This trade is the whole reason why I do not use a profit target stop, and manualy execute trades. Stops are different, I always use a stop order to protect the trade!
Comments
stockmarketdaytrader
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That was my first trade of the week, I try to trade 3 to 6 times a week, I only trade when there is something to trade! This trade was taken @ 2 lots, I was going for 35 to 45 pips, but because of news price started to move very quickly netting me 70 pips in the process, I actually wanted to do 3 lots but I was scared of the risk, even though i had solid confirming signals!
stockmarketdaytrader
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If price action starts to break the $144.43 level, the the next pivot point is a good profit target which is $144.75