I. Analysis
1. Stock in a healthy uptrend - price tested and reject 50MA level - we are hence looking for long opportunities
2. Pinbar formed on the 27th May set the structure and suggested a support level as the one draw. This support level has just been retested and it happened to converge with the 50MA, another relevant level reinforcing our structure - value zone identified
3. Bullish engulfing patter formed on the last session at this zone - we have an entry trigger
II. Trade
1. Go long next candle
2. SL 1 ATR below the draw support level alternatively 1 ATR below 50MA
3. TP next swing high // trail SL to with the 50MA for trend following
Plsd to hear yr comments
Cheers
Ruben
1. Stock in a healthy uptrend - price tested and reject 50MA level - we are hence looking for long opportunities
2. Pinbar formed on the 27th May set the structure and suggested a support level as the one draw. This support level has just been retested and it happened to converge with the 50MA, another relevant level reinforcing our structure - value zone identified
3. Bullish engulfing patter formed on the last session at this zone - we have an entry trigger
II. Trade
1. Go long next candle
2. SL 1 ATR below the draw support level alternatively 1 ATR below 50MA
3. TP next swing high // trail SL to with the 50MA for trend following
Plsd to hear yr comments
Cheers
Ruben