Friends,
Facebook is making a lovely move to the upside, I got filled immediately in the morning, and got a good fill and R/R.
Criteria for this trade falls into these criterium:
1. We are trading in an ascending channel.
2. We hit channel bottom and had our candlestick buy signal
3. The candlestick signal came in at channel bottom,AND a 61.8 retrace of previous impulse leg.
4. Extended target is realistic using previous channel and fibonacci behaviours
A lovely move. Not sure why it attracts me so much. Using tight stop losses, as I assume bulls now have firm control of this stock, and wouldn't even chance seeing a bottom channel retest again. If the move is ready now, it won't go below my prescribed level.
UPDATE: The stop loss was accidentally set too high. Maybe because I was rushing to get some content on. The stop loss would be halfway down the bullish engulfing candle in any scenario between 81.40's to 81.60's (Approximately). Sorry for the confusion
Good luck traders
Tom
Facebook is making a lovely move to the upside, I got filled immediately in the morning, and got a good fill and R/R.
Criteria for this trade falls into these criterium:
1. We are trading in an ascending channel.
2. We hit channel bottom and had our candlestick buy signal
3. The candlestick signal came in at channel bottom,AND a 61.8 retrace of previous impulse leg.
4. Extended target is realistic using previous channel and fibonacci behaviours
A lovely move. Not sure why it attracts me so much. Using tight stop losses, as I assume bulls now have firm control of this stock, and wouldn't even chance seeing a bottom channel retest again. If the move is ready now, it won't go below my prescribed level.
UPDATE: The stop loss was accidentally set too high. Maybe because I was rushing to get some content on. The stop loss would be halfway down the bullish engulfing candle in any scenario between 81.40's to 81.60's (Approximately). Sorry for the confusion
Good luck traders
Tom