I've been taking profits early and keeping my stops tight.
But this channel that has been going on since mid August has finally broken out to the upside. It's a good sign. If we can consolidate and continue going up then it's for real. But so far, every breakout has failed at its first pause.
Entry: above 600 breakout level
Stop: Below 600 breakout level, around 585
Target 1: 700 (round number as well as 161.8% Fib retracement)
Target 2: 770 (congestion area from previous highs and 200% retracement level)
!! PM me with any trading questions !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, .
Successful trading means proper risk sizing and trading small so you can stay in the game.
Sign up to TradingView charts:
Sign up for TastyWorks - The Best and Safest Broker