NKE | Long with Bullish Bias - Continuation Bullish Pannent Spot

#Week10-11-Strategy-1&2

BULLISH INDICATOR (DEC 30)
1. On Daily Bullish trend with HH and HLs
2. Daily price action is respecting the bullish trending channel
3. On the 1h Chart Bullish Pennant continuation pattern was spotted. It is sideways but a bullish trend is expected to follow.
4. Price action is expected to stay sideways between FIB level 78.6% and 100%
5. Price action is testing a significant Resistance zone from daily charts between 116-118. If broken then bullish expected
6. RSI does not show any divergence.

BEARISH INDICATOR (DEC 30)
1. Price action is testing a significant Resistance zone from daily charts between 116-118. So either it will stay sideways for the reverse for some time.

PREDICTIONS
1. Due to the Bullish Pennant continuation pattern, the price is expected to stay sideways for some time before continuing the Bullish trend.

BIAS 1 = LONG - PLAN 1 (Buy @ Market price)

BIAS 2 = SHORT - PLAN 2, (if PLAN-A SL1 hits then anticipate to SHORT @ market price after re-checking the bearish indications)


TRADE PLAN
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PLAN A: LONG @ Market price

EN1: 116.24 (@ Market)
SL1: 112.38
TP1: 119.85 - RR: 0.8 - Lt: 0.5
EN1: 116.34 (@ Market)
SL2: 110.12
TP2: 125.45 - RR: 1.4 - Lt: 2


PLAN B: SHORT
If SL1 of PLAN A hits, signaling reversal, Enter slightly below SL2 of PLAN A

EN: 109.2
(Re-Check Values Again before entering the trade)
SL1: ?
TP1: ? - RR: 1.0 - Lt: 0.5
SL2: ?
TP2: ? - RR: 1.4 - Lt: 2