Looking at the history of ZEN you can see this one is prone to some extreme volatility. I use loose stops on this one because of that, and pay more attention to target areas.
Last Zen trade went well as you can see in my profile. After two TPs and one rebuy, I exited on the 5/20 cross. We just opened a daily candle above the 5ma with strong bounce and we are in a likely long term support area. Due to volatility I have some bigger orders setup at the lower support, but most of my position is open, or will open above the 5ma with the idea that a bullush 5/20 cross is coming.
With bullish divergence on the MACD Histogram and Stoch about to issue a buy signal I am comfortable opening this trade without waiting for the bullish cross.
Targets are the same as before. Marked on chart.
A scalp target could be the 20ma, but I am not taking that target myself.
Close up:
6hr:
Last Zen trade went well as you can see in my profile. After two TPs and one rebuy, I exited on the 5/20 cross. We just opened a daily candle above the 5ma with strong bounce and we are in a likely long term support area. Due to volatility I have some bigger orders setup at the lower support, but most of my position is open, or will open above the 5ma with the idea that a bullush 5/20 cross is coming.
With bullish divergence on the MACD Histogram and Stoch about to issue a buy signal I am comfortable opening this trade without waiting for the bullish cross.
Targets are the same as before. Marked on chart.
A scalp target could be the 20ma, but I am not taking that target myself.
Close up:
6hr: