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Yelp Inc.
Long

Yelp - flag pattern, volatility contraction

By sl-wk
Updated
YELP
Yelp's all major timeframes are tempting:
  • weekly: it has recently broken long-term resistance. Now it is being tested. If it holds, there is a potential to go much higher.
  • daily: holds support at around 39.70. Great volume pattern - a pullback on declining volume.
  • 15m: the volatility is contracting, accumulating energy for the next move. The price sits right on VWAPs from recent highs and lows.
If the price breaks the recent high VWAP then my plan is to go long with the SL below Monday's low (12th Apr) - 39.12 - that is 1,5ATR below that low.
Trade active
entry price triggered
Note
moved the stop below high lower - that is today's first candle (5min) low.
Trade closed: stop reached
stopped out, took 0.25R loss
FlagSupport and ResistanceVolatility
sl-wk

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