A counter trend strategy in the descending channel
You see, folks, if you follow strictly to a T on the patterns to trade, it can caused you to miss out some good opportunities.
Opportunity like what MOSAIC Co, is currently undergoing. The distance between the upper and lower channel is so wide that if one will to STRICTLY wait for the price action to breakout before
taking a buy position, not only will he need to wait for a long time but buying at a higher price as well.
So , in this chart, you see the price is well supported at 17.44 and has break out of the descending channel (day). If it can break above 23.05, we can expect it to hit the 28 level price zone and beyond.
Of course, if you are slightly more conservative and risk averse, then this counter-trend strategy ; i.e. buying within a bearish channel may not be your cup of tea. You can wait for the price to break out of the upper channel , anything from 28-30 price level before initiating a position.
Alternatively, if price goes below support at 17.44, this trade opportunity ceased.
Opportunity like what MOSAIC Co, is currently undergoing. The distance between the upper and lower channel is so wide that if one will to STRICTLY wait for the price action to breakout before
taking a buy position, not only will he need to wait for a long time but buying at a higher price as well.
So , in this chart, you see the price is well supported at 17.44 and has break out of the descending channel (day). If it can break above 23.05, we can expect it to hit the 28 level price zone and beyond.
Of course, if you are slightly more conservative and risk averse, then this counter-trend strategy ; i.e. buying within a bearish channel may not be your cup of tea. You can wait for the price to break out of the upper channel , anything from 28-30 price level before initiating a position.
Alternatively, if price goes below support at 17.44, this trade opportunity ceased.
Comment:
4th times it is being well supported at 17.44. will consider taking a nibble today
Comment:
Praise God and congrats to those who are still holding !