Waiting for SHP to possibly trade down into the 14000 - 14300 area to go long. Long trigger will be a clear hourly reversal in this area. Looking for a move into the 15300 - 15850 area.
Trade active
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Trade closed manually
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Closing here @14444 for a small profit. Does not look as if the current support area will hold much longer.
I agree with your idea. I started building a long position a bit higher @R145, looking to add more between R142-R144 if possible. My profit taking area was R158-R160.
R140 is my stop though, the way it looks to me there's not much holding it up between R140 and R132? What's your stop if you're going long R140-R143?
Happy Trading
UC
TraderT1307
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@unclecool787, actually I wanted to go long think it was last week Wednesday when it traded down and closed the gap which was at around 145.70 but didn’t pull the trigger. My target then was 155 to 158 and a stop daily close below 140.
I was thinking earlier when posting this if we might not see a flush down into the 140 area and a reversal up from there. I will get back to you tomorrow morning on the stop when I am at my pc. If I can remember correctly it was around 132 or 133 so a bit wider to give it some room.
TraderT1307
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@unclecool787, i do think it is important that the 140 level holds.
If entering at current levels i would monitor how the prices reacts around 140 and possibly have a very tight stop at around daily close below 137.
If entering a bit lower will have to use a quite wide stop around 128.
I will monitor for now and if entering a position i will keep an close eye on what the price is doing.
unclecool787
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@TraderT1307, Thanks. It looks like you're going to get to nibble at the R143 area during the course of the day, on my side I'm going to add around here and keep my stop tight just under R140.
Sentiment is not great at the moment, so i don't have any more than 50/50 confidence in the R140 area now in the short term so i'm going to keep the stops close to my chest
Good luck with the lower entry points i hope they work!
TraderT1307
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@unclecool787, Thank you. Agreed, stick to your trading plan and especially to your stops.
All the best.
R140 is my stop though, the way it looks to me there's not much holding it up between R140 and R132? What's your stop if you're going long R140-R143?
Happy Trading
UC