This is a classic breakout scenario. We have met the time rule for entry, 15 minutes trading at or above the 'A' up line.
With the RPR inidcators and the Daily and Weekly Pivot Ranges below the current price, this provides for a high probability setup to buy.
The Monthly Pivot Range low will provide the first main resistance and would be a good profit target.
Hence, this is a good risk reward ratio. So high probability setup with excellent risk reward is the kind of opportunity where you may increase your position size above your normal levels.
With the RPR inidcators and the Daily and Weekly Pivot Ranges below the current price, this provides for a high probability setup to buy.
The Monthly Pivot Range low will provide the first main resistance and would be a good profit target.
Hence, this is a good risk reward ratio. So high probability setup with excellent risk reward is the kind of opportunity where you may increase your position size above your normal levels.
Note
Keep in mind this is Good Friday and so the volume is lower than normal with some markets/exchanges closed or early close. On these type days, it is also good to take a day off from trading.Note
This is Good Friday, the day of Jesus' Passion and Death on the Cross, dying for us, all people, from all times, present, past and future, so that he would free us from the enslavement of our sins. Read the Gospel of John 18:1—19:42
usccb.org/bible/readings/033018.cfm
God bless you all.
Trade active
The trade is still active as we went into the close of the session. Again, because of the Easter holiday there is not going to be as much activity as normal, especially at the open of the new session on Easter Sunday (in the U.S.), so normally it would be better to be on the sidelines.However, with the pullback we saw the price almost hit the stop loss, then rallied into the close which is usually a good sign for the following day's trading. Stay tuned.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.