I entered a long position in $LX based on some nice patterns I've been stalking for the past 2 days. $LX recently made a new 8 month high and pulled back into the 14.50 support area. For the past 3 days $LX has been consolidating right above this area of support with 3 inside candles in a row on the daily chart. On the 30m chart, $LX developed a coiled spring pattern which is indication of explosive volatility in the near future. Due to these multiple patterns stacking upon each other, I entered a long position at 14.97 after $LX held the 14.50 area a third time on the 30m chart. My stop loss is at 14.48 with a target at 17.
The overall macro conditions of the market at the time of the trade looked good. The Iran War fears were fading and $SPY was making new all time highs continuing the bullish trend. However, market conditions are still volatile and I will keep a close eye on macro conditions if early exits to protect capital are warranted.
The overall macro conditions of the market at the time of the trade looked good. The Iran War fears were fading and $SPY was making new all time highs continuing the bullish trend. However, market conditions are still volatile and I will keep a close eye on macro conditions if early exits to protect capital are warranted.
Comment:
Took profits and moved stop to breakeven. $LX had a nice breakout today however is pulling back intraday and is looking to print a high volume shooting star. This VPA signal is usually a bearish one and is part of my rules as a reason to sell. Going to give this one another day to see if $LX can hold up.
Trade closed: stop reached:
Stopped out rest of $LX at breakeven. Looks like $LX couldn't get it going.