My elected setup showed up again and here I am to follow my rules and trust my edge.
In this chart, I like particularlly the sexy price action change footprint. These two last bullish candles, lastest of which making a 31 bar high (wait for closure - I'm in a rush for Friday night beers, only entering next candly if things remain as is), have a profile drastically different form the past 30 candles. The bears had few or none interest in selling during the 58 day consolidation preceding this breakout. Plus, the bulls, in command, are awaken again.
Analysis:
1. Stock in a uptrend - trading above 50 & just brokern out 200MA.We are hence looking for long opportunities;
2. Price close to a value zone - 50 MA. Now we have a reference to set our stoploss.
3. Trigger is this last big bullish candle breaking out a wedge pattern formed by the last 48 candles.
Note: I would prefer of course a 50 MA slopping upwards more proeminently, but price action is is promising.
Usual trade management + risk management rules.
SYSTEM AVAILABLE @ easy-trades.blogspot.com/
Cheers,
RR
In this chart, I like particularlly the sexy price action change footprint. These two last bullish candles, lastest of which making a 31 bar high (wait for closure - I'm in a rush for Friday night beers, only entering next candly if things remain as is), have a profile drastically different form the past 30 candles. The bears had few or none interest in selling during the 58 day consolidation preceding this breakout. Plus, the bulls, in command, are awaken again.
Analysis:
1. Stock in a uptrend - trading above 50 & just brokern out 200MA.We are hence looking for long opportunities;
2. Price close to a value zone - 50 MA. Now we have a reference to set our stoploss.
3. Trigger is this last big bullish candle breaking out a wedge pattern formed by the last 48 candles.
Note: I would prefer of course a 50 MA slopping upwards more proeminently, but price action is is promising.
Usual trade management + risk management rules.
SYSTEM AVAILABLE @ easy-trades.blogspot.com/
Cheers,
RR