Bought at 35.5 (Feb 3 , 2020)
Stop slightly below 50MA (1 day atr)
218.9 (1:1), 223.9 (2:1), or run back to highs
Play bounce of 50MA, I had my alert at 50MA so I entered. A bit late of an entry since I woke up late lol.
Intraday is above VWAP.
Looks like market is recovering from the corona virus scare, and with Spy bouncing off that 50MA.
Bought at 35.5 (Jan 30, 2020)
Stop slightly below support
38 (1:1), 40 (2:1), or run back to highs
Play bounce of 50MA, I had my alert at 50MA so I entered. Expecting the break of short selling over reaction due to this corona virus.
Indicators say still on a downtrend of course. But just trusting this 50MA support and levels for the bounce....
I used Chandelier Exit indicator as an additional confirmation/conviction to my entry.
15.7 looks like a respected level so I had and entry there.
Chop is bullish
RSI is steadily rising
Probable to run to 17.7 highs and may break it.
Since I had an earlier entry, entering now is still ok, just adjust r/r to proper support levels as shown.
Targets 17, 17.4,...
Funko strong bounce from the 200MA
Overall trend is still upwards, with the daily hammer, my thesis is it will climb back up inside the channel.
We can wait for pullback with the low of the hammer, below 200MA for the stop.
Or just manage your R/R.
Another analysis, if history repeats itself.
50MA becomes resistance
Price starts to hunt for the 200MA, Once MA crosses that 50.
Then if breaks 200, It may come down to 60.
It's scary to take it long from here. Don't try to catch a falling knife.
Confirm first for a good entry on the D/W/ indicators, for any reversal signals.
Possible Next levels. 98 -> 88...