jazziej

LYC - Volume Profile trade

Long
ASX:LYC   LYNAS RARE EARTHS LIMITED
ASX:LYC

Biggest rare earths mine outside of China.

Swing trade. Price action starting to move back toward the POC (hi vol node) of the most recent accumulation rotation phase. Anticipate the bulls will defend this level and push the price back up.

ST and LT EMA's are both bullish . ST starting to turn bearish and seller volumes starting to dominate.

• Entry around the POC during accumulation 9.22.
• SL low volume node area and just below strong support level around 8.61
• TP into the next high node area before the resistance level around 11.35
Order cancelled: Trade entry just missed out, pivot point to the upside happened just above the high level node area I was looking to get into position. If triggered would have reached the planned take profit level.