Long

Updated

I think that it may be time to start building FET longs.

Howdy everyone!

This is a follow-up to my FET short trade idea.

That short trade idea had two take profit areas within it, 1 of which we have already hit at approx. 1.42-1.20. The second take profit zone was just below at approx .90-.63.

I think that we might be finding support in this current area, and the second short trade take profit area may not get hit this time around. So this idea is based upon a long position in between the two take profit zones from that idea.

We've been as low as 1.06, and we are currently sitting at 1.18. I am suggesting starting your long positions in this current trading range.

My suggested take profits from this current trading range are: approx: 1.98, 2.50, and 3.00. We could at any time between now and hitting any of these targets turn around and hit the lower short trade target of .90-.63, so that is why I am giving at least 3 take profit points.

My current next big target if we make a new high in the markets is 3.94ish.

Anyway, I do appreciate your collaboration!

Note

Correction to my current final big picture target for FET: that is 4.94, not 3.94.

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There is a good chance that we get a drop to .90-.63 here soon. In which case I will either just update this idea, or remake it.

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We have 3x 4D lower wicks in a row now. I thought that maybe we were going to go to the next level down, but alas, perhaps the long building that at least I have done so far will not get stopped out, lol.

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I did take profits on the long position that I took already. I know that this was prior to my suggested take profits, but I had to make a decision in the moment based upon current data. We made it to the top of the first Short take profit area, and it looks like this might be it for that pump for now. Can we hold this small demand zone around 1.05?

Note

I still think that it is very possible that we can attack the 2.00 area, however. I didn't take everything off, just a small profit chunk just in case we get rejected. Just to be clear for anyone that is following.

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OK - I booked about half profits in this area that we are in currently. We rejected from the 50 MA on the daily with a nice sized wick. My profit taking averaged about 25% from where we took this trade. If we get a retrace here, pay close attention to the S/R pocket around 1.05-1.10...that is a local strong demand zone - and the accumulation area just above - 1.10-1.24. If that doesn't hold, then we may visit the second Short take profit area around .90-.63. I still have part of the short opened from way above in case we get down there. The longs taken in this area are also reducing the risk of the remaining shorts. I hope that anyone that has followed both ideas has had a chance to experience this benefit!

Note

I still have half of the long position that I took from below open, just to be clear.

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In a triangle, and it probably breaks upward.

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OK - the profit taking looks like it was a good idea now, thankfully. Per above, pay attention to the 1.05-1.10, and 1.10-1.24 levels. Let's see if we can get a retrace there and if it holds. Otherwise .90-.63 will be the ultimate long building territory for the remainder of this bull market IMO.

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Here is what you hope for if you are a FET bull currently. We could form an inverse head and shoulders here.

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I added back to my long on this dip. If we can hold this, then we have an intermediate term inverse head and shoulders reversal pattern.

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It looks as if there are good chances that we go down to the .90-.63 area. I am going to make a contingency idea in case 1.05 doesn't hold.

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Whatever the case may be, I think that we are very close to breaching into the second and last half of this bull run. The price action in this current area looks very similar to the last bull run for FET after it had done its mid cycle correction. So, remain vigilant here...we will be seeing a nice pay off pretty soon most likely.

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STRONG BUY right now IMO. The 3D chart still threatens lower, but I added back again to my long position in this area.

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Well, the 1.05 support is on life support. Hopefully if you followed this idea you were able to get some profits on the nice little bump that was given anyway. We may still hold support, but it is looking grim. I have linked the continued long taking idea to this one in case support does not hold here.

LoneWolf1425

Related publications

Let's try this again - FET Short

by LoneWolf1425

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