Yelp - flag pattern, volatility contraction Long

Yelp Inc.NYSE

Description

⋅ Apr 15, 2021 4:24 PM

NYSE:YELP
Yelp's all major timeframes are tempting:

weekly: it has recently broken long-term resistance. Now it is being tested. If it holds, there is a potential to go much higher.
daily: holds support at around 39.70. Great volume pattern - a pullback on declining volume.
15m: the volatility is contracting, accumulating energy for the next move. The price sits right on VWAPs from recent highs and lows.

If the price breaks the recent high VWAP then my plan is to go long with the SL below Monday's low (12th Apr) - 39.12 - that is 1,5ATR below that low.

Trade active

⋅ Apr 15, 2021 6:11 PM

entry price triggered

Comment

⋅ Apr 19, 2021 1:53 PM

moved the stop below high lower - that is today's first candle (5min) low.

Trade closed: stop reached

⋅ Apr 19, 2021 2:38 PM

stopped out, took 0.25R loss

Comments

hosseinfrtrades

⋅ Apr 16, 2021 8:18 AM

isn't like a head and shoulders to you?

sl-wk

⋅ Apr 18, 2021 12:31 PM

@hosseinfrtrades, I do not trade candle patterns. You would find 10 setups where it played nicely, I would find 10 where it did not. For me, it looks like buyers are regaining control. In the end, only price pays.