Been trading this one for a while but exited position some time ago looking for a new entry, I started building a new line in march and averaged into a small draw down since then, but the last few weeks we have made a solid rally out from the broadening wedge to finally break the zone.
We are pitted against some strong resistance right now but it doesnt look to bad, what im more excited about is the lack of previous structure from the sell off in feb.
This often means we have a clear run when breaking overhead resistance or equilibrium level and the major trend has turned bullish with HL and HH with a slight increase in volume is putting the momentum on our side.
EQ around 34 and a supply block at 40 where the price really got knocked down but still 70%+ from my average entry to there so will be pretty happy with this position if we can get that high.
Will keep a close eye on it for now for this momentum to slow down as it may be a sign to jump ship early.
We are pitted against some strong resistance right now but it doesnt look to bad, what im more excited about is the lack of previous structure from the sell off in feb.
This often means we have a clear run when breaking overhead resistance or equilibrium level and the major trend has turned bullish with HL and HH with a slight increase in volume is putting the momentum on our side.
EQ around 34 and a supply block at 40 where the price really got knocked down but still 70%+ from my average entry to there so will be pretty happy with this position if we can get that high.
Will keep a close eye on it for now for this momentum to slow down as it may be a sign to jump ship early.
Comment:
back into the channel, bit of red the last few days maybe just not ready to run