Made a YouTube video on this yeateday Came to conclusion of a potential sick trade
If we can start holding 35.50 as support (best option could be a breakout of 36.55 )
We have huge support at 33$ and 32.45. Anything below 32.45 could cancel the bullish veiw
Looks to be a symtrical triangle with the downtrendinf upper reistance lining up with all of the highs along the downtrend. This is making a big fallinfnwedge potentially and we are also sitting at the weekly 21ema at 35.50 so the choice for bulls and the bears is, are we just rallying to the 21 weekly for a monster rejection, or are we going to pop up through this and rocket?
Biggest next reistance above for me is 43$ even. This sets us up for a 18% gain potential from a 36.50 entry up to 43$. And a 30% upside gain from a 33$ entry. Risking above 2% down to 33 or 32.45
Risk to reward seems good just the entry level will be hard to get in as we are at a very clear reistance
No daily candle body has closed above 35.50 yet so it gives us a VERY clear level!
Take your bets, use your risk! I’ll be watching today and potentially taking a trade but patience will be huge in this! Remebe it has popped up above 35.50 just hasn’t ended the day above and opens the following day above so we have to keep that in mind!
@moonstryke did you stick around ? I got stopped out on it at 37.15
moonstryke
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@Erictaylor, yes just wondering what you think if it will return up again with the good news or if I should accept my losses and punch the clock?
Erictaylor
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Currently it’s retracing back but news came out of no where ! I didn’t do my research and didn’t see this huge drop coming. Didn’t quite make it to 43
Erictaylor
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.618 of the whole move is 28.30 so that will be a key level to get over. I was just in for a quick move. We got a nice pop over 35.50 I entered in and just trailed my stoploss on the way up
moonstryke
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@Erictaylor, thank you for the update I will keep an eye out
Erictaylor
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@moonstryke did you take this trade that I originally posted?
moonstryke
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@Erictaylor, no it was the late when i did it and held it over night
Erictaylor
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@moonstryke ok so what’s your averge price curently