QSR - 7.63% Profit Potential - Bullish Pennant

This week we need to play conservative and take home whatever we can. Targets are moderate and realistic, and I aim to close positions fast, often before the end of the day and I keep my stop losses really tight.

Allocate less than usual capital if you would like an extra layer of safety. The market is uncertain and we want to keep our risk to the minimum.

Bullish Pennant broken out after a 3-month correction. Multiple support confirmation on the 5-min chart, except the 9/11 violation due to the overall market meltdown.

- Historical Uptrend
- RSI + Stoch above 50
- MACD below Signal (!)

Target Entry $55.85
Target Stop Loss $54.98
Target Exit $60.04

About me
- August P/L: +203.83% | Wins 85.19% | No Trades without Analysis
- Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.

Trade closed: stop reached:

-0.27% loss

Cut losses quickly due to intra-day market unpredictability these days.

Comment:

I also had to limit the daily losses due to another red trade and I didn't feel insisting with this one.