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TRADER-WANNA-BE
Aug 6, 2021 3:16 PM

NVX.ASX_Down Trendline Break_Long Long

NOVONIX LIMITEDASX

Description

ENTRY: 3.04
SL: 2.45
TP1: 3.60
TP2: 4.23

- ADX>20
- RSI<50,RSI<70
- Daily RS +ve
- Daily FFI +ve
- Daily MACD +ve
- Weekly RS +ve
- Weekly FFI +ve
- Weekly MACD +ve
- Accumulation signs on 13 Jul, 2 Aug and 6 Aug 2021.
- Broke down trendline on 2 Aug 2021, and retested it with rebound on volume today.

Comment

- Target TP2 now as price action is good from the news
- Shift SL: 333

Comment

- Take 60% partial at 4.23 and ride with the trend
- Shift SL: 353

Comment

- Shift SL: 355

Comment

-Shift SL: 4.29

Comment

- Closed position at 5.54
- Shooting star bar at closing today
Comments
Mybeech1
well done, good trend analysis to pick it up early and ride the price increase of over $1.9 / 60% in 3wks
TRADER-WANNA-BE
@Mybeech1, Thanks!
nkerboute
The ride continue!
TRADER-WANNA-BE
@nkerboute, Yup! Ride the trend and shift those stop-losses up.
nkerboute
Nice work! NVX has done double top now, are you expecting to fall or we might see a ne ATH?
TRADER-WANNA-BE
@nkerboute, momentum looks strong but I would expect it to retrace to around 3.60 zone which would be healthy for its next move to break ATH. But I won't complain if it does break ATH without retracement. I want to see the next few candles first which would give a better indication.
nkerboute
nkerboute
@TRADER-WANNA-BE, What's your update on this play?
TRADER-WANNA-BE
@nkerboute, I shifted SL to 3.55. If it hits, it hits then wait for a few candles to see how its reaction to the retracement if want to re-entry. Otherwise, the retracement is under low volume so should be good at the moment.
nkerboute
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