Meta PlatformsLong
FB - Pullback from New Highs with strong Bullish Engulfing
I. Analysis
1. Stock broke out to make new all time highs (level had been tested as well in 2018), in strong volume and starterd pulling back in lower volume on the 26th May. Retracement hit the the previous resistance level and held - we have an uptrend (strong) and a value zone identified, we are hence looking for opportunities to go long
2. A strong bullish engulfing candle was just formed at this level - we have an entry trigger as well
We have a strong uptrend - price barely testing 20MA - the price is now at value zone as identified by a significant resistance level, rendered support after the breakout (with significant volume increase) and we have an entry trigger from this value area after a retracement in lower volume.
II. Trade
1. Enter next candle
2. SL 1 ATR below drawn support level
3. TP next swing high - evidence of selling pressure // Trailing stop loss to the upcoming support levels for trend following
Plsd to hear yr comments
Cheers
Ruben
1. Stock broke out to make new all time highs (level had been tested as well in 2018), in strong volume and starterd pulling back in lower volume on the 26th May. Retracement hit the the previous resistance level and held - we have an uptrend (strong) and a value zone identified, we are hence looking for opportunities to go long
2. A strong bullish engulfing candle was just formed at this level - we have an entry trigger as well
We have a strong uptrend - price barely testing 20MA - the price is now at value zone as identified by a significant resistance level, rendered support after the breakout (with significant volume increase) and we have an entry trigger from this value area after a retracement in lower volume.
II. Trade
1. Enter next candle
2. SL 1 ATR below drawn support level
3. TP next swing high - evidence of selling pressure // Trailing stop loss to the upcoming support levels for trend following
Plsd to hear yr comments
Cheers
Ruben
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