MDLZ
Hey, traders.
Showed up on the weekend free minutes.
I'm in a hurry to share the first paper that looks good in the long tomorrow.
What we see on the chart:
1. Very strong mirror level 52.63, which was formed by the lower price of the gap bar at 14.04.2020.
2. This level was confirmed at the last trading session. This is an important signal for us.
3. As we see, a large player is collecting a position to break the level, because he already knows that the level 52.63 has a limit order: it has already been tested the level in April on the back side, as well as made a false breakout on 01.06.2020.
4. And here it is important to note that after a false breakout we did not roll back. So the paper is being bought back.
5. Let's look further: the last trading session showed that we bought back the whole fall.
6. The bar closed at the top. - That's another plus in the piggy bank.
As we say, trading astrologers, the stars converge for the long.
And seriously, statistics and mathematical expectation tells me that about 80% probability we will go up.
Tomorrow, before we enter the market, we look carefully at the SPY TF:M5 and enter in the direction of two trends so that the two trends coincide. If the SPY and the two trends of this stock coincide, I am almost 90% likely to vote for the long.
For insurance purposes, in case something goes wrong, the last 10% will cover the SL.
For the justice, it's not the first time such strong levels are taken and there is a possibility of fighting for the level.
I do not recommend beginners to trade this paper or to trade it only after retest.
The safest scenario for trading is still to enter the long at retest.
For more experienced traders I can recommend a breakout model, but I am not sure that the calculated risks can withstand a false breakout. In any case, if the first SL works you could reenter.
Tomorrow, I'll put more papers on my telegram channel.
Have a nice weekend.
Trade wisely.)
Trade closed: target reached