Median line theory here has convinced me to go long. The rules I'm applying are these:
"If price doesn't reach the median line it is likely to go in the opposite direction"
"If price breaks the reaction line, it is likely to continue in that direction"
Not only did price break the reaction line it bounced off of it.
That bounce was also a clean 2nd entry.
By no means is this "calling the bottom" just a bullish move.
I'll update as I go and use fib extensions to trail my position.
Entry 3239 @ 250 contracts
"If price doesn't reach the median line it is likely to go in the opposite direction"
"If price breaks the reaction line, it is likely to continue in that direction"
Not only did price break the reaction line it bounced off of it.
That bounce was also a clean 2nd entry.
By no means is this "calling the bottom" just a bullish move.
I'll update as I go and use fib extensions to trail my position.
Entry 3239 @ 250 contracts
Comment:
Price has moved in my favor, moving stop to 3280
Trade closed: stop reached:
Exited @ 3380 4% profit.
Price was slowly bleeding out and a 1:3 R/R was accomplished.
Price was slowly bleeding out and a 1:3 R/R was accomplished.