We entered this trade from an earlier post that identified it as a likely I.C.O. recently listed candidtate to enter long after it made a new low on the daily chart and began an uptrend. The signal was a close on the daily charts above the green line.
The question now is - How do I stay in the trade as long as possible to make the max profit?
We used C.B.L. - count back line analysis to enter the trade and now we can use it in reverse to stay with the trend.
Note the highest candle then count back to the base of 2 days and draw a line to the right hand side in purple.
This is your new stop loss level. If daily candle closes below this line - that is your exit signal.
Move line up to base of third highest candle everytime a new high is reached.
You can also use this level to pyramid into position or make a late entry if you missed the earlier buy signal.
That is - buy a pullback to the purple line 0.28 level but exit if closes below that line.
The question now is - How do I stay in the trade as long as possible to make the max profit?
We used C.B.L. - count back line analysis to enter the trade and now we can use it in reverse to stay with the trend.
Note the highest candle then count back to the base of 2 days and draw a line to the right hand side in purple.
This is your new stop loss level. If daily candle closes below this line - that is your exit signal.
Move line up to base of third highest candle everytime a new high is reached.
You can also use this level to pyramid into position or make a late entry if you missed the earlier buy signal.
That is - buy a pullback to the purple line 0.28 level but exit if closes below that line.
Trade active:
Part 1 entry chart is here
