MO - 7.02% Potential Profit - Ascending TriangleFor those who know me, you might have realized by now that I don't usually go long when the RSI and STOCH are below 50 and MACD below Signal. I will make an exception here, however I will approach this trade carefully and allocate less than usual.
This week we need to play conservative and take home whatever we can. Targets are moderate and realistic, and I aim to close positions fast, often before the end of the day.
Allocate less than usual capital if you would like an extra layer of safety. The market is uncertain and we want to keep our risk to the minimum.
Ascending Triangle broken out after a 6-month correction and confirmed multiple times over the past month, with occasional violations.
- 6-month Uptrend
- RSI + Stoch below 50 (!)
- MACD below Signal (!)
Suggested Entry $43.30
Suggested Stop Loss $42.83
Target price $46.36
About me
- August P/L: +203.83% | Wins 85.19% | No Trades without Analysis
- Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
