Trade Journal: Long $LK - Inside Day/Coiled Spring - 2/18/2020

Ever since the Muddywater news drop and recovery, LK had been consolidating right under 39 before recently breaking out. LK had been holding above the rising 50MA indicating strength. On 2/13 and 2/14, LK made two inside day candlesticks in a row and formed a coiled spring on the 30m timeframe. This is an indication of future volatility and a possible breakout. My gameplan was to go long on 2/18 when LK broke out and above 39.

Entry - 39.93
Stop loss - 37.33
Target - 50

Comment:

30m timeframe