Scary pennant

Updated

Just made a huge run up to 5900. We've created what I would consider a bullish pennant. However, somethings to consider is we have not retraced yet to .618 after the $1000 move. RSI has been over 70. We are also veryyy far from the SMA's. 30 SMA on the 4 HR is 5233! With that being said, I would not be suprised to see this break up to 6K before a retrace.

Will go long with a break of $5800 on high volume. Target 6K
Break of 5650 on high volume would mean a short. Target 5500ish

Trade active

Long @ 5830
Stop @ 5750

We didn't get huge volume but it was a pretty convincing breakout. 6K will be my target

Trade closed manually

Don't like the price action right now.
Out @ 5875. Will keep an eye for another trade

Note

Crazy move happened last night while I was scalping. Didn't even have time to add to my entry.

Might be finding support at 5500. On break of 5400 I will short again and target is 5200ish.

Trade active

Short 5400. Stop 5500. Target 5200ish

Trade closed: target reached

Closed Short @ 5150.

We'll be looking for reversal indicators for the bounce.

scottkurihara

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