Been stalking PAAS ever since it had a nice breakout last week. Today PAAS looks like it is done pulling back and looking for a continuation move. PAAS is a silver miner which usually acts inversely to the market making this an acceptable long trade. PAAS pulled directly into the previous all time highs and printed a Hammer Candlestick on the 30m timeframe. I went long when PAAS made a higher low then higher high on the 30m timeframe.
Entry - 24.45
Stop loss - 24.05
Target - 26
In hindsight, PAAS pattern does not look ready yet and I may have pulled the trigger on this trade too early. I think PAAS is going to pull in some more then make a new higher high.
Entry - 24.45
Stop loss - 24.05
Target - 26
In hindsight, PAAS pattern does not look ready yet and I may have pulled the trigger on this trade too early. I think PAAS is going to pull in some more then make a new higher high.
Comment:
30m timeframe.
Trade closed: stop reached:
Yup I was right. I jumped in way too early in this trade. I will probably revisit this later at the pattern is still valid.