Hi guys,
Here is a trade setup that I am likely to take. It looks like we found some decent support and are going up to retest the blue resistance line. We have a daily TTM that looks like it will fire LONG any day now also, which will scare the CRAP out of bears. If they start closing shorts, it will easily push us up past that resistance line. If that is the case, you could make the blue line simply a profit target, and keep holding some of the position. Either way, this trade may take a week or so to develop, so be patient and don't use a huge position size due to the fact that the stop loss is set for 7%. Thanks for checking out my charts!
- Matt
Here is a trade setup that I am likely to take. It looks like we found some decent support and are going up to retest the blue resistance line. We have a daily TTM that looks like it will fire LONG any day now also, which will scare the CRAP out of bears. If they start closing shorts, it will easily push us up past that resistance line. If that is the case, you could make the blue line simply a profit target, and keep holding some of the position. Either way, this trade may take a week or so to develop, so be patient and don't use a huge position size due to the fact that the stop loss is set for 7%. Thanks for checking out my charts!
- Matt
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So my entry for this totally sucked, I was not expecting this to come back so fast for a retest. In hindsight, I should have waited for a fill at the trend line. Sorry if any of you lost out on this trade! It is still a viable trade, you just needed a lower stop loss. We got stopped out for a 7.25% loss.