Short

MGNI - Dec 24 Opening Sustainable Momentum

Updated

Grading B 6 points
No idea, it is a pure technical play +1
Greater force - There is alignment with RUT +2
Technicals - Break of consolidation, break below H1 SMA100, H1 Opening candle bull rejection candle +3

Opening Sustainable Momentum 🧑🏻‍🚀
Strategy
Signals identify market opening H1 candles through momentum and behaviour change that potentially could indicate a shift in the current price overall structure (Price gaps and ADR %).

Risk
We use the signal candle's highs and lows for entry and stop loss. If price hits the stop loss, it is clear that the shift we expected did not come to fruitation.

Current SL is at 0.25Fib

Focus
Focus is never on the signal candle alone, but it's role in the larger structure and the direction it is inclined towards with a minimum Risk & Reward of 2R.

Stock must be in a pull back or consolidation area waiting for a broad market momentum to ignite it forward.

Character
Trend, Positive Skew

Note

Post Entry
I feel like we should have only enter long opportunities since SMA100 is on an uptrend, at least that removes the probability of us making a bet against the 100SMA.

Trade closed manually

Closed trade pre market because price pattern was not what we are trading towards and I rather quickly take the loss and save some cost

Ronin_trader

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