On the weekly timeframe for SHOP, I noticed four things immediately:
- A candle close above the bullish flag forming, indicator bullish momentum. - SHOP recently created swing highs at $53.70 and then broke it and bounced perfectly off of it showing that $53.70 is a KEY level. - When price bounced off of $53.70, it was also at the 5 SMA, adding more confluence to my trade - Lastly, I saw a divergence on the volume indicator, which is always a good sign of confluence for my trades.
Given these four reasons, I am bullish on SHOP as of now.
Stop Loss / Take Profits Stop loss: The stop loss of this trade is set at $55.42, which is the most recent low.
Take Profits: All of these take profits are set at levels that I felt were phycological levels. My plan would be to scale out half of my position at TP1, 1/2 of the remaining position at TP2, and fully out at TP3
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