SSRM broke out of a 4 month base in December and has been in a pullback for the past 2 weeks. I've been watching SSRM to go long on this pullback and the trade setup finally triggered. SSRM had pulled back into a key area of support - the previous breakout area and the 38.2% Fibonacci retracement level. Furthermore, a bounce at this area would be considered a 21EMA pivot. SSRM also has a clear downtrend on the 30m timeframe therefore my gameplan was to get long when the trend reverses with higher highs and higher lows signaling a bullish trend. I went long SSRM at 17.97 with a stop loss below today's low at 17.55. My target on the trade is 19.25. I plan to take partial profits when the 30m bullish trend terminates.
Comment:
30m Timeframe
Trade closed: stop reached:
Stopped out SSRM 17.55. Stop loss was a bit too tight and took a hit. Noticed SSRM is bouncing off the key trendline now. I could get back in later.
Trade active:
Got back in. SSRM consolidated on the 30m and broke out once more. Signs of strength in this bounce.
Entry - 17.89
Stop loss - 17.45
Target 1 - 19.25
Target 2 - 21.00
Entry - 17.89
Stop loss - 17.45
Target 1 - 19.25
Target 2 - 21.00
Comment:
SSRM has formed an interesting bullish channel. Obvious stop loss will be at the break of this channel. SSRM is being a slow mover... but still working.
Comment:
I've been in this trade for awhile now and SSRM finally got some upside momentum last Friday and today. Moved up stop to 17.90 below the 30m timeframe higher low.
Comment:
Stopped out SSRM at breakeven. SSRM whipped back below the lower channel trendline and got stopped out. Time to move on from this trade.
Trade closed: stop reached