In the linked idea, you can see my original trade set-up on TWTR. Now that we have broke the 18.90 Target 1/ Critical Resistance, I am really starting to get excited about this trade. On the 5 minute chart, you can see the momentum pause at the 18.90 mark before streaking to almost 19.60. It seems as though we may level out and develop a support on the 5 minute chart around the 19.23 point.
All that aside, my stop isn't even on the screen anymore when looking at the 5-minute. I am considering tightening the stop to either the 18.45-18.50 range or the 18.85-18.90 range depending on how we close today. I want to keep the stop conservative for now because I am confident in the momentum of TWTR over the short term. If we break the 19.66 line that has been resistance in the past, that will be the next trigger of a stop tightening for me.
This idea and analysis is part of a 3-month trading challenge in which I am only using the EMA 50 to indicate trades.
All that aside, my stop isn't even on the screen anymore when looking at the 5-minute. I am considering tightening the stop to either the 18.45-18.50 range or the 18.85-18.90 range depending on how we close today. I want to keep the stop conservative for now because I am confident in the momentum of TWTR over the short term. If we break the 19.66 line that has been resistance in the past, that will be the next trigger of a stop tightening for me.
This idea and analysis is part of a 3-month trading challenge in which I am only using the EMA 50 to indicate trades.
Comment:
Stop moved up to 18.76. This is as far as I am comfortable going under the support at 18.90. If we break through the support at 18.90 my bullishness will be extremely diminished. I wanted to leave enough room for a sell of to have some price action at this support without me getting stopped out. This is a tight stop to conserve profits.
