Long on the pullback (again)

190 2 5
Well most of you who have been friends with me or have followed me for quite some time now have noticed what the basis of my trading revolves around. Yes I use basic trading tools like moving averages & buy/sell volume , but the concrete             mortar behind my trading is getting long/short into medium / long term trends. Time and time, I always look for the same setups regardless of the market I'm trading, whether its bonds, FOREX, commodity futures , or stocks. The setup is new highs / lows made - wait for a pullback - enter into a trade upon confirmation.

In this case, price action has broken the medium term downtrend on the weekly chart, and has broken the downtrend after falling below $35.00 on the Daily crossing back above its 50 Moving Average a while back. So what we have here is price made its way up to resistance at the $35.00 area and has subsequently pulled back to prior resistance turned support ($32.00 area). Once it got within that support area it formed a very small doji , but if you look at volume buyers were stacking up on each other thus making buy-side volume make a spike above the average selling volume . This the next day you had the bulls taking more control over price action forming the bullish candle. So I went long just before the candle closed. 1st target is roughly 38%-50% of the overall target (also below the 20 Moving Average), and the 2nd target is slightly below resistance.

-Price is above important moving averages (50, 100, 200)
-Bullish crossover of the 50 & 100/200 moving averages

-Also you may notice I really don't tend to name the specific candlestick pattern. Reason being because I really don't care about what it's called as long as I understand the price action behind the move. Just in case anybody was wondering why I never name the pattern by its name. But just for the heck of it, you have a sort of morning star ( bullish ) pattern that formed at support. And previously you have an inverted head and shoulders pattern which broke the medium term downtrend at the $30.00 area.
Trade active: 1st Long target has been met.
Trade closed: target reached: 2nd Target was reached.
Awesome I'm also going long intc on dips. :D
Beautiful trade mate, keep up the good work :)
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out