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Will go long in case of breakout upper trendline of the pennant. Only if volume increases above average though. target would be $0.80 but since i like to be sure I will set TP at $0.78. Lets see how this plays out.
Feel free to give feedback!
Feel free to give feedback!
Trade active
ENTRY: 0.70311SL: 0.71375, condition: <=0.70825
TP: 0.78
Moved the SL up, so that if it is hit I will at least be left with a 1,5% profit.
Note
SL: 0.72072, Condition <=0.71613That leaves me with at least 2.5% profit.
Will continue to move SL up as long as prices keeps rising.
Note
SL set to: 0.73000, condition <=0.72535this leaves me with at least 3.82% profit.
Note
Unfortunately SL was hit at 0.72535 and position had been sold for 0.73000 with a profit of 3.82%. Not what I hoped for but i will not chase after the chart as I have learned in the past that this does not often result in good profits, since it is trading with emotions (greed).Trade closed: stop reached
Note
I think the lesson I have learned from this is not to put the stop loss as close to the last lowest wick as in this case, as following wicks can mess up your trade. Lowest point was 0.72500 and SL trigger was 0.72535, but thats trading, I guess. Price was just consolidating as expected and hit my target of $0.78. Should have left it as such: SL: 0.72072, Condition <=0.71613That would have left me with at least 2.5% profit and would not have been to close to the price at that point. Since volume was diminishing quite fast, a little pullback/retracement or consolidation phase or whatever you want to call it was actually to be expected.
At least I've made 3.82% profit and have learned something from this trade, of which latter is most important to me at this point
Feel free to give feedback!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.