This started to take off mid day today.
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 trend line.
Got a second entry near the low of October 16th which also tested the bull trend line 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 volume profile near $2.15.
Ideal profit target would be along the first trend line, with a possible reentry if the trend line gets broken. We will see when that time comes.
As always, practice safe risk management!
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 trend line.
Got a second entry near the low of October 16th which also tested the bull trend line 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 volume profile near $2.15.
Ideal profit target would be along the first trend line, with a possible reentry if the trend line gets broken. We will see when that time comes.
As always, practice safe risk management!
Comment:
Having a pullback today but didn’t enter the buy zone. Steady.
Trade active:
Friday's afterhours dipped into the buy zone at $1.83, so there was buying interest in the zone.
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.
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.
Comment:
Price has entered the buy zone. Stop entry buy above $1.86 when price leaves the buy zone. Stop sell will be below the month low.
Trade active:
Price has exited the buy zone upwards. Current price at $1.88. Buy engaged. Manage your risk.
Comment:
I may have entered too early and got trapped. I went aggressive. Ideally, I should have waited for a close above the buy zone, along with heavy volume.
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.
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.
Trade closed: stop reached:
Stop reached. Trade closed.