Price made it to the Median line (Andrew’s 101). This is the logical profit target for a 3RR trade.
As the price target was above the prior minor high, I thought to give it some room in case we can see some strength in the break out.
The zoom bar looked good, and had the makings of a High Tight Flag, but failed on a Friday. 2.1 R
Price provides a horizontal base which gets tested and holds around 0.77 provides an entry. A few weeks of chop before buyers start to show up. As we haven't been able to break support, then price can only either go up, or go sideways. The zoom of the previous high, and ML should now see them both retested. A new pivot formation would help manage the s/l.
- big run up, now consolidating.
- forming higher lows
- strong relative to XJO/XSO recently
Options:
1. Buy on confirmation of break upper trendline (second candle closing above opening candle on 15 or 60min chart)
- stop-loss lows of the breakout day.
- sell some into strength (day 2-3) and trailing stop the rest.
Or
2. Buy on lower support line, stop loss if...
PLY seems to be moving in a range at the moment, and current price action shows that it has got bullish at the lower edge of the range and expected to move up towards the higher edge of the range. My trade plan is given belwo:
TP - $0.460 (potential gain 22%)
Stoploss - $0.320
Please note these are my own notes, by no means trading advice. Please do your own...
