I have re-drawn possible trend lines in light of price action. The momentum is positive and moving up despite price coming down. It also well above the 14MA. I therefore will be sticking by my BUY trade although it is currently running at a loss. If price does fall below the trend line and closes there tonight then I will have to re-consider options.
Comment:
Updated 28-4-23 My current stop is the black horizontal line. I have reviewed my trendlines and did miss a regular downward sloping channel for each step up and step down. Now I know what I got wrong, what should I do about my stop? Well I do think that the bottom of the last daily low which is the bottom of the greyed out rectangle, really is the most likely bottom. There is still divergence on the momentum indicator with momentum still above the 14MA and the 14MA is even sloping up. The MACD has yet to cross but it is close and is just hanging on the edge of what I consider to be "ultra" bearish territory. All in all, these are reasons to enter a BUY trade right now. In other words, I would still press the BUY button now and so I will not cut my losses and close the deal. Had there been any reason not to press BUY then I would have had to manually close the deal for a loss.
Comment:
Move stop to small profit/break even.