Currently at a pivot point in the uptrend.
Could expect to see a big move either way once supply zone is tested.
Could expect to see a big move either way once supply zone is tested.
Comment:
Comment:
Root on a failed re-entry of previous demand could possibly look to hit lower short entry target of $17.72 with a confirmed rejection
Root on a failed re-entry of previous demand could possibly look to hit lower short entry target of $17.72 with a confirmed rejection
Trade closed: target reached:
Short position entered at failed re-entry to channel @$20.40.
Price target reached at $17.62
Hitting that profit target of $17.62 within $0.02 of the weekly low was exciting to say the least.
Price target reached at $17.62
Hitting that profit target of $17.62 within $0.02 of the weekly low was exciting to say the least.
Watching next week for an attempted break of the bottom trendline on the channel. The reaction at that point would set up two low risk entries.
1. Price is rejected by bottom trendline - Short entry with a low price target of $18.26 and high price target $17.62.
Stop at above demand depending on entry point (highest stop risk would be $21.66, lowest stop risk at $20.99)
2. Price breaks back into channel - Long entry with stop tightly underneath a break down below and out of the channel