Sublime_Trading
Long

Ocado Bouncing Off Support

LSE:OCDO   OCADO GROUP PLC ORD 2P
Last post: June 15th. See chart.

Review: Price was pulling back after being in a nice uptrend.

Update: Price is stuck inside the consolidation zone and currently at the support area .

Conclusion: We need to see a breakout of this consolidation zone before looking at any trading opportunities.

Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments!

Sublime Trading
I know you suggest waiting until it breaks out of consolidation zone, surely if the support holds there is a trade on the way up to the top of consolidation zone, with a stop just beyond support???
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Hi @mattfitzp, that is an approach but not one that we encourage when the market is in consolidation as there is no guarantee of a breakout from consolidation on the next move up. This means that risk can be tied up which can be better allocated on a better looking chart. We prefer to trade pullback when price is already in a trend.

How long have you been trading for?


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