Enbridge Breaks 2018 Daily Downtrend
Updated
Chart has notes, trend lines, and trading hypothesis. Note that my trend lines don't use strict candlestick high/low marks - they use high/low CLOSE values, and I try and have them cross through as many high/low close values as possible to confirm trends.
Note
Previously closed position at 42.46 - gained about 4%.Potential Long Entry if:
1. Daily SMA Holds
2. Support around 41.80 holds
3. Bounce off Daily uptrend (coordinates with Daily SMA upward momentum)
4. 4H SMA break
5. Confirmed RSI head and shoulders bullish
Plan - R/R of about 1/2.5
If hits around 43.22, will take some profit
If breaks around 43.22, will let run, then use daily RSI for exit point.
Good luck.
Note
Sorry, this is the correct R/R:
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