I already have two positions but looking for a third on a pullback.
My first entry was near the low of October 15th which was a test of the bull .
Got a second entry near the low of October 16th which also tested the bull and made higher lows from the day before.
Looking for a third entry on or near a retest of the close from October 16th, identified by the box on the chart.
It might not make it there because we've established a pretty good battle ground, as seen by the heavy near $2.15.
Ideal profit target would be along the first , with a possible reentry if the gets broken. We will see when that time comes.
As always, practice safe risk management!
Today opened at $1.85 which is the top of our buy zone, immediately bounced up to test the previous day close at $1.93 but was rejected.
During the first four hours today, price has floated down to the buy zone, testing $1.86 several times and has formed a micro bear trend line during the float down.
The price is currently sitting at $1.86 and the case could be made for the aggressive trader to make a starter entry, allowing a low risk entry and the advantage of scaling in if price goes up.
I am personally waiting for confirmation of the price action up, ideally with a close above Friday's close.
Tomorrow should be a telling day.
Price may break out above $1.92-$1.95. Ideally a close above $2.00 will provide the confirmation.